AMC Future Technology Pte. Ltd. (Singapore, SG)
What is a Patent for Computer-implemented system to generate assurance-related planning processes and documents for an entity and process of doing it.
The present disclosure generally relates to artificial intelligence, with a knowledge-based method of carrying out financial audit of an entity and, more specifically computer implemented system for generating documents and assurance related planning process for an organization. The disclosure also pertains to a method of generating an audit related assurance planning process and documents for entities.
Financial audit is the field of audit that provides “reasonable assurance” about the accuracy, truth, and fairnessof the financial statement. This allows stakeholders and users to place trust in such financial statements and can make informed decisions. The financial audit can also include quantitative and qualitative auditing which usually involves expert judgment such as recognizing risks, interpretation of audit evidences, selecting auditing procedures, and a knowledge of industry or business benchmarking.
Auditors typically receive various financial documents which could have a significant impact on risk assessments. The financial documents presented to auditors are generally delivered in Spread sheet or PDF format. They may require furtherprocessing as well as transposing to ease the audit process. Paper documents, sometimes referred to as hardcopies, are converted to digital images via an the automated workflow. This has resulted in some productivity improvements. Understanding the financial documents (e.g. trends in comparison) of an audit process and methodology remains a tedious and tedious job that relies heavily on the experience and knowledge of those involved (e.g. auditors).
This approach is not ideal and can create many challenges in order to accurately audit the financial statements of a business. The challenges are the manual and time-consuming procedure, the possibility of errors in calculation or data entry errors, and the inability to account for global market changes. Based on the skills and experience of experts and auditors, an auditing strategy could be developed that may or may not be accurate. It is also costly hiring certified experts or auditors to supervise the whole auditing procedure.
Therefore, in light of the above discussion there is a need to eliminate the drawbacks associated with the conventional auditing system used by an organization.Click here to view the patent on USPTO website.
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