Imagine not needing to extract and map client data over and over again (which typically takes up 30-40% of an auditor’s time), each time you perform an audit? What if an audit firm of any size could freely access one Common Data Model (CDM) to audit any organisation without having to spend money on data extraction tools? Think of the enormous time, effort and cost savings for the auditor, and its clients.
Rather than innovating alone, Engine B has worked with partners such as Microsoft, thirteen audit firms, academic institutions and is supported by the Institute of Chartered Accountants in England and Wales (ICAEW). Collaboratively, we have created a new standard for the data that auditors can use that ensures completeness and accuracy - the Audit CDM.
Gain access to our Audit Common Data Model on GitHub
Our Audit CDM gives auditors the ability to integrate and share data across various accounting and audit platforms – providing a transparency of information and key concepts. Engine B has successfully mapped accounting and audit entities of structured and unstructured data from multiple platforms. This mapping acts as the basis for key analysis to help determine inconsistencies and for visual representation - examples include anomaly detection, and fraud detection and Knowledge Graphs.