AMC Future Technology Pte. Ltd. (Singapore, SG)

The disclosed computer-implemented method is for creating assurance related planning documents and other documents for an entity. It consists of an arrangement for computers that comprises a computing device communicably connected to a number of input-and/or-output devices to acquire sources of data or inputs to the entity from an individual user, and a server arrangement that is communicably linked to the computer arrangement. at least one processing unit and at least one memory module are included in the server arrangement. Another aspect of the disclosure reveals a method of creating an audit report that is a part of the document and planning process for an organization.

Technical Field

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.

Technical Aspects

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.

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