AUTOMATION SOLUTIONS FOR AUDIT AND ACCOUNTING
Driven by its belief that innovation is imperative, in 2018 Integrity Audit and Accounting founded a sister company, Integrity Technology Solutions (ITS). Integrity Technology Solutions develops proprietary software for energy accounting and audit automation. These solutions are developed by experienced auditors and energy accountants who understand the unique challenges and opportunities faced by the industry.
Contact UsIntegrity Audit-iQ (AIQ) Technology
In the fall of 2020, Integrity was pleased to debut Audit-iQ (“AiQ”), the first machine learning application used for joint venture audits, final statement of adjustments audits, and net profit interest audits in the oil and gas industry. Integrity Audit and Accounting has access to the latest versions of Integrity Technology Solutions’ custom auditing and accounting software applications. This software gives Integrity auditors a unique technological advantage with many benefits.
Audit-iQ VIDEO
Watch the video below to see Audit-iQ in action.The Benefits of Audit-iQ
With AiQ, charges can be analyzed using statistical modelling (machine learning) and data analytics. This software provides the first level of detection for coding errors and ineligible charges. While the application does not eliminate the need for human auditors, it facilitates the capability to review up to 95% of reviewable documents, compared with only 30-40% of invoices that are reviewed in traditional (manual) audit. As a propriety technology Audit-iQ is exclusively available to Integrity clients and is not available anywhere else in the industry.
Reduced Audit Costs
The audit automation software developed by Integrity Technology Solutions (ITS) provides the first level of vouching and reviewing that was traditionally completed by auditors manually.
By automating this step, we can to reduce the total amount of audit time required, which reduces the total cost for audits. We pass this savings on to our clients, making audits more accessible to large and small companies alike.
Increased Coverage
Manual reviews of invoices are slow and time-consuming. Auditors frequently are only able to sample portions of the total invoices under audit. By automating the initial stage of reviewing invoices, there is the potential for significantly more invoices to be reviewed in the same or less time.
The increased audit coverage provided by Audit-iQ means increased diligence and certaintity, making your audits more beneficial.
Increased Accuracey
It is said, “to err is human.” However, Integrity’s software does not become weary, even after reviewing thousands of invoices in the span of a few hours. This can lead to increases in audit accuracy, as items that may be overlooked by a human are identified by the software and flagged for additional reviews by auditors.
This last step, human review, is crucial. Human auditors are capable of the additional critical thinking and problem solving to verify if flagged items should be raised as audit exceptions
Our mission is to provide industry-leading professional audit and accounting services to our clients in a way that maximizes value, efficiency and cooperation through experience, innovation, technology and integrity. Our team is available to conduct your joint venture audits and partnership audits. We can also help with other audit and accounting projects, issues, and inquiries.