Automation of financial audit procedures

Problem statement​

• Financial Audits have not used technology to improve the audit execution​

• Finray offers auditors the ability to rapidly onboard client data, recreate accounting and reconciliation processes, and provide more informed assertions about financial statements​

• PoC designed to test the capabilities of Finray prior to acquiring the tool​

​Test case and deliverables​

• Automate the reconciliation of pension withholdings recorded by employers to the statements provided by 3rd party pension administrators​

• Accomplished by loading data from both parties​

• Creating business rules for reconciliation between the two data sources​

• Creating reconciliation reports​

• Project time: 3 weeks

• Project cost: $40K

​Finray approach

• Start with a pain point (every FS firm finance function has them)​

• Deliver credibly and quickly​

• Identify the road map for further improvement​

• Repeat