MindBridge Platform

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.

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.

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.

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.

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.

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.

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.

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.

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.