UK business consultancy and accounting firm Menzies has implemented Platformed’s artificial intelligence (AI)-based third-party risk management software to improve its IT audit processes.
This move aims to standardize the IT audit component of statutory financial audits, particularly in support of ISA 315 assessments.
Adoption of Platformed’s technology is expected to reduce time to completion of audits and unlock new services for Menzies’ clients.
Platformed’s IT audit solution uses AI to identify risks and assess compliance with controls by mapping and analyzing customer data.
This preliminary review is automated, allowing auditors to review and refine insights, request additional information from clients as needed, and leverage collaborative workflow features.
The reports generated by Platformed can be seamlessly integrated into auditors’ existing templates.
Additionally, the software provides detailed evidence packages, which are essential for comprehensive record keeping and case management systems.
Founded in 1912, Menzies serves a diverse customer base, including medium to large private companies, non-profit organizations and individuals.
The company focuses on optimizing the financial, operational and strategic needs of its clients through various services such as audit, tax and compliance, account advisory, financial planning and transaction services.
Menzies partner Tom Woods says: “In addition to the important legal requirements, audits provide important and valuable insights for our clients. By working with Platformed, we can provide a consistent and high-quality approach to all our audits.
“With this partnership, we will enable our auditors to work more efficiently, raising the bar on audit quality and maintaining high consistency. As a result, we will be able to unlock more value for our clients and in the future offer additional IT audit services beyond the legal scope of ISA 315, giving them access to more services from a single provider.”
In July 2024, Menzies appointed six new partners as part of its growth strategy, five of which were promoted internally.
“Menzies Adopts Platformed’s AI-Driven Software to Increase Audit Efficiency” was originally created and published by International Accounting Bulletin, a brand owned by GlobalData.
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