Supervised Machine Learning

Supervised machine learning saves audit teams from doing redundant work and allow them to focus on the information that they need. It will save your team time and increase efficiency, they’ll be able to get more work done in less time, and be more productive than ever. Audit teams can focus on finding what they don’t know.

Insight from an Audit Director

Why choose supervised machine learning?
The regulatory environment changes rapidly, both within the client’s business and within the audit industry as a whole.

Meet Jeremy…
Jeremy is an Audit Director at a Big Four accounting firm, his goal was to reduce hours per insight.

Life before machine learning
Every audit engagement poses the same basic challenge - to verify the accuracy of financial statements. As available data increases so do hours per insight. That is the number of hours his auditors must spend investigating before they discover something that gives a meaningful insight into the accuracy of a client’s financial statements.

Battling the hydra
Jeremy’s audit engagements are like battling the information hydra. Each head is a possible value of investigation. His auditors face many heads and as they cut one down, two more appear. With the current explosion of information, it’s more like four or five heads. This overload often forces Jeremy’s audit teams to take shortcuts, like sampling. Shortcuts, while often necessary expedients, degrade audit quality. And there’s no consensus on what corners are appropriate to cut.

The tides of change
Jeremy’s team has always been able to serve stakeholders by providing accurate insights. However, every year these insights have become increasingly expensive. Through brute effort, they have been able to cut down the hydra by throwing more hours at the problem. But Jeremy did not have to look too far into the future to see his team overwhelmed. If his team became chronically overworked then either quality or growth would suffer.

The solution
Supervised machine learning allows Jeremy’s team to cut all the heads of the hydra in one swing. Automated tools clear away all the irrelevant information. Jeremy’s team can focus on applying their expertise without wasting time and energy on manual work.

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