AI for Audit is here. Do not be left behind!
November 05, 2020

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

Samantha Bowling, CPA CGMA | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with MindBridge Ai Auditor

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.
  • 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
  • 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.
  • 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.
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.
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.

Do you think MindBridge Platform delivers good value for the price?

Yes

Are you happy with MindBridge Platform's feature set?

Yes

Did MindBridge Platform live up to sales and marketing promises?

Yes

Did implementation of MindBridge Platform go as expected?

Yes

Would you buy MindBridge Platform again?

Yes

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.