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MindBridge Platform

MindBridge Platform

Overview

What is MindBridge Platform?

MindBridge Ai Auditor is an AI powered auditing & financial risk assessment platform, from the company of the same name in Ottawa.

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Learn from top reviewers

Scalable time-saver on audit procedures

Rating: 10 out of 10
April 24, 2021
IncentivizedVetted ReviewVerified User
MindBridge [Platform] is used solely by the audit department in our company in order to create a more in-depth preliminary risk assessment analytic. The tool is currently only...
Continue reading
Verified user
Employee
MindBridge Platform2 years of experience

It's time for auditors to implement new strategies.

Rating: 10 out of 10
February 13, 2021
Vetted ReviewVerified User
As a CPA firm, we wanted to provide our attest clients with an audit that was more efficient and effective. We experimented with MindBridge Ai for a few months and were very p...
Continue reading
scott young
Partner - Finance and Accounting
Senior Audit Partner
Wright Ford Young & Co.
MindBridge Platform1 year of experience

A great example of where the industry is going

Rating: 10 out of 10
January 31, 2021
IncentivizedVetted ReviewVerified User
Ai Auditor is being implemented across a big 4 accounting firm by my small consultancy. It has helped to drastically reduce the amount of manual effort by staff in this organi...
Continue reading
Verified user
Partner
MindBridge Platform2 years of experience

Very useful in audits of high volumes of data

Rating: 10 out of 10
January 18, 2021
Vetted ReviewVerified User
Currently, MindBridge Ai Auditor is being used by the audit department with the aim to improve audit quality by enabling audit teams to analyze and visualize clients' data in ...
Continue reading
Emily Jordan
Employee - Professional Services
Audit Supervisor
UHY Hacker Young
MindBridge Platform1 year of experience

AI for Audit is here. Do not be left behind!

Rating: 10 out of 10
November 5, 2020
Vetted ReviewVerified User
MindBridge AI Auditor supports our Audit department. Everyone in auditing uses the platform for risk assessment, audit sampling, and new audit client screening. The technology...
Continue reading
Samantha Bowling, CPA CGMA
Partner - Finance and Accounting
Owner
Garbelman Winslow CPAs
MindBridge Platform3 years of experience
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Pricing

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MindBridge Platform

MindBridge Platform

N/A
Unavailable

What is MindBridge Platform?

MindBridge Ai Auditor is an AI powered auditing & financial risk assessment platform, from the company of the same name in Ottawa.

Entry-level set up fee?

  • Setup fee required

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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Product Details

What is MindBridge Platform?

An AI powered auditing & financial risk assessment platform, MindBridge Ai Auditor supports financial analysis. The vendor states that with its fast, risk-ranked analysis on 100% of transactions, with zero scripting, users can provide greater assurance than ever before, all while saving valuable time and resources. Ai Auditor is designed to supersede CAAT tools and eliminate the associated risk of missing errors or fraud that may lurk in financial data.
As opposed to financial risk assessment tools that only look at accounts and entries in isolation, Ai Auditor identifies unusual transactions by also looking at the monetary flows between accounts, all credits and all debits, to provide vision into the state of data, arming users with a better understanding of individual transactions and identify potential issues.

Ai Auditor platform is designed to empower insights through transparency, without black-box obfuscation what is happening beneath the surface, so all of the details on what tests triggered risk rankings are at the user's fingertips, for every line item. Its reporting interface encourages users to explore, investigate – seeing exactly what is drawing concern, and why.

MindBridge Platform Features

  • Supported: Augment your capacity to detect errors in the data
  • Supported: Enhance auditing with explainable AI
  • Supported: A/B testing has shown the platform is 20 to 900 times more likely to identify errors in the data.

MindBridge Platform Screenshots

Screenshot of MindBridge Ai Auditor DashboardScreenshot of Risk by Account Report

MindBridge Platform Videos

MindBridge Platform Competitors

MindBridge Platform Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationNo
Supported CountriesNorth America, South America, EMEA, Australia, New Zealand
Supported LanguagesEnglish, French

Frequently Asked Questions

MindBridge Ai Auditor is an AI powered auditing & financial risk assessment platform, from the company of the same name in Ottawa.

CaseWare IDEA, FileAudit, and Thomson Reuters AdvanceFlow are common alternatives for MindBridge Platform.

The most common users of MindBridge Platform are from Mid-sized Companies (51-1,000 employees).
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Comparisons

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Reviews From Top Reviewers

View all reviews
(1-5 of 5)

It's time for auditors to implement new strategies.

Rating: 10 out of 10
February 13, 2021
sy
scott young
Senior Audit Partner
Wright Ford Young & Co. (Accounting, 51-200 employees)
Vetted Review
Verified User
MindBridge Platform
1 year of experience
Use Cases and Deployment Scope
As a CPA firm, we wanted to provide our attest clients with an audit that was more efficient and effective. We experimented with MindBridge Ai for a few months and were very pleased with the results. We made a two year purchase commitment and are using the tool on eight audits this corporate season.
Pros
  • Using the output from MB AI we have been able to reduce the inherent risk and analytical procedures risk assessments in our audits which have reduced our substantive testing sample sizes.
  • The output from MB AI allows us to focus on the medium risk and high risk transactions that were recorded in the general ledger during the year.
  • Our younger, more technologically advanced team members really enjoy working with MB AI.
Cons
  • Because the software is so robust, the learning curve is fairly lengthy, but MB's customer service has been fantastic.
Likelihood to Recommend
MB AI is well suited for corporate audits of all sizes from Quickbooks environments to large ERP systems. Actually, the more data in a client's general ledger the better. First-time audits will benefit greatly from MB AI as the learning curve and digestion of data will be accelerated.
Return on Investment
  • We are finding that sample sizes and overall risk assessments are decreasing with then correlates to reduces audit hours on engagements.
  • The learning curve is fairly steep in the first year and this offsets most of the efficiency gains in that first year.
  • Our audits are more effective as MB AI is identifying high and medium risk transactions that we may not have identified using traditional audit procedures.
Alternatives Considered
We did not consider any other similar products.
Other Software Used

AI for Audit is here. Do not be left behind!

Rating: 10 out of 10
November 05, 2020
Use Cases and Deployment Scope
MindBridge AI Auditor supports our Audit department. Everyone in auditing uses the platform for risk assessment, audit sampling, and new audit client screening. The technology allows us to plan audits based on the actual risk in the general ledger. It pinpoints the area where we should focus our attention and allows us to tailor our strategy around those areas. In addition, it provides documentation for the risk assessment and overall audit plan. This, combined with our professional skepticism, helps us deliver a better audit based on the actual risk. It takes away the guessing game of random and haphazard sampling. With respect to new client screening, it helps us understand what the risk is and how to appropriately price the audit or determine whether we want to engage the client for auditing services.
Pros
  • Works well with QuickBooks Online. Easy to link programs for quick analysis.
  • Provides risk analysis that can be cross correlated with KPIs.
  • Aligns the risk analysis with audit assertions.
  • Easy to use, no huge learning curve.
  • Great support staff for guidance or troubleshooting.
  • Functional dashboard that is not just a picture; it has drill down capabilities.
  • Customizable KPIs
Cons
  • It needs to have a deliverable Risk Analysis report, something that can be exported to a PDF and delivered to clients.
  • Accounts receivable and payable analysis needs to be able to handle tiered customers and vendors.
  • Exporting to PDF should be a feature. Works great for Excel.
  • Needs forecasting capability in order for us to use for review engagements.
  • Needs the ability to compare client to industry ratings.
Likelihood to Recommend
Anyone who is preparing audits should be using this software. This especially applies to auditors whose clients use cloud accounting platforms or where the general ledger transactions can be exported to Excel. If clients use old legacy accounting packages or process a lot of batch transactions, then this would require additional support from MindBridge and is more time consuming, but not impossible. I recommend starting with a few audits that are in the same industry so that you can work through the software and develop your new audit procedures.
Return on Investment
  • In the past, we did not obtain a lot of new audits because we were not the cheapest. Since using this product, we have obtained clients because we use AI. Not because we lowered our price, but because we are using AI to target the risk at the transaction level and delivering better audits.
  • I have passed the cost of this software to my clients, so there has been no impact on my bottom line.
Usability
9
The only reason I do not give this a 10 is that I would like a deliverable risk report. This would enable me to offer additional services to my non-audit clients.
Support Rating
10
My experience with customer support may different since I started using the application early on. I am also providing continuous recommendations for improvement or additional features. They have always been available when I needed them and they actually listen and value my opinion. They have implemented many of our recommendations and asked for our input on possible new features.
Other Software Used

Very useful in audits of high volumes of data

Rating: 10 out of 10
January 18, 2021
EJ
Emily Jordan
Audit Supervisor
UHY Hacker Young (Accounting, 201-500 employees)
Vetted Review
Verified User
MindBridge Platform
1 year of experience
Use Cases and Deployment Scope
Currently, MindBridge Ai Auditor is being used by the audit department with the aim to improve audit quality by enabling audit teams to analyze and visualize clients' data in a more sophisticated manner, especially where there is a high volume of data.
Pros
  • Discovering and analysing patterns
  • Identifying anomalies
  • Extracting other useful information in data underlying the audit through analysis, modeling, and visualization
Cons
  • Improve ease of use through an increased number of courses on the academy
  • Potential to connect directly to clients' accounting system rather than having to obtain the data
  • Increased analysis functions and ways to display data patterns
Likelihood to Recommend

MindBridge Ai Auditor is very useful in an audit where there is a high volume of data. It enables the team to analyze and visualize the data in a more sophisticated manner than would be possible by manual review and standard sampling techniques.

MindBridge Ai Auditor works best when the client is using a standard accounting software and the data is stored in the appropriate format used for MindBridge analysis. When the data is from a different type of system however, the MindBridge data team is able to assist us in formatting the data either through pointing in the direction of courses on the academy or, in more complex situations, formatting the data for us.

Return on Investment
  • Increased efficiency
  • Better quality audits performed
  • Coming to more reasoned conclusions that are supported by data

Scalable time-saver on audit procedures

Rating: 10 out of 10
Incentivized
April 24, 2021
Verified User
Employee in Finance and Accounting
Accounting Company, 51-200 employees
Vetted Review
Verified User
MindBridge Platform
2 years of experience
Use Cases and Deployment Scope
MindBridge [Platform] is used solely by the audit department in our company in order to create a more in-depth preliminary risk assessment analytic. The tool is currently only used for its general ledger analysis functionality, but the AR/AP modules are being explored for use as well. MindBridge [Platform] helps the engagement team assess the client's risk on a transactional level, which we use to corroborate the level of testing performed on various account balances and classes of transactions.
Pros
  • Simple web layout - easy to navigate throughout the tool
  • Dedicated customer success team - always willing to help solve questions and problems that come up
  • Provides many resources for success and scalability - ranges from workpaper documentation ideas to training resources
Cons
  • Some of the web drop-downs should be formatted differently - they cut-off when you reach the end of the page, and you can't begin typing a keyword to locate what you want (mostly in mapping account groupings)
  • Trends analysis doesn't allow a drill-down to the account level.
Likelihood to Recommend
MindBridge [Platform] is an excellent tool to use to gain additional comfort over client's data. The key areas it helps with are analytical procedure risk and inherent risk, but depending on the data you have, it can also be able to assess control risk to a degree. It's a very malleable tool that can be made to fit your client, however, it does require upfront work (as the implementation of any new technology would). The tool may not be scalable for audit work that is very low-risk and requires little hour input in the first place as it may add more hours in the long-run than the normal audit would incur. Our team has used these low-risk audits in our implementation, however, to corroborate the results we get, which we felt has helped us achieve our successes with the tool.
Most Important Features
  • The data table
  • Control points and risk overview
Return on Investment
  • N/A for my level of involvement in assessing ROI

A great example of where the industry is going

Rating: 10 out of 10
Incentivized
January 31, 2021
Verified User
Partner in Information Technology
Accounting Company, 1-10 employees
Vetted Review
Verified User
MindBridge Platform
2 years of experience
Use Cases and Deployment Scope
Ai Auditor is being implemented across a big 4 accounting firm by my small consultancy. It has helped to drastically reduce the amount of manual effort by staff in this organization.
Pros
  • Journal entry testing
  • Sampling
  • Viewing large data
  • Anomaly detection
Cons
  • All improvements are readily accepted by the team and assimilated into the product when they have a wide enough impact on other clients. Can't ask for more.
Likelihood to Recommend
MindBridge is well suited for internal audit, and as a tool for businesses to monitor their financial data. MindBridge is not suitable for highly unstructured General Ledger data that cannot be formatted without expertise in data wrangling.
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