Now, more than ever, the ability to leverage artificial intelligence while performing preparations, compilations, reviews, and tax engagements is critical.
(Preparation, Compilation, Review and Tax)
AuditFile AI is a growing new feature incorporating artificial intelligence into preparations, compilations, reviews, and tax engagements in the following areas:
- the ability to automatically classify a trial balance with just one click, and
- the ability to rollforward an engagement seamlessly.
AuditFile PCR+T is a new product from AuditFile that incorporates artificial intelligence and machine learning algorithms to help CPAs complete preparations, compilations, reviews, and tax engagements faster and with less risk. Our goal is to deliver easy-to-use, cloud-based tools that give audit professionals the flexibility to incorporate artificial intelligence seamlessly.
AuditFile was recently awarded patent 10,891,294 by the United States Patent and Trademark Office (USPTO). The patent covers the application of artificial intelligence to financial statement audits, preparations, compilations, reviews, and tax engagements.
AuditFile AI enables auditors to rollforward audits seamlessly from year to year, while gracefully handling updates to pronouncements and professional standards. It also enables CPAs to classify a trialbalance and build financial statements with just a click of a button, saving weeks of time.
AuditFile tax users can choose from several customizable templates for setting up their tax trial balance and managing tax processes when setting up a new client engagement. In the tax templates, the trial balance can be imported directly from the corresponding audit trial balance so that tax specific adjustments and tax groupings can be applied.