Introduction to Inflo Digital Audit
The Inflo Digital Audit transforms the external audit process by adopting a data-driven approach and leveraging digital workflow to enhance audit quality. This innovative approach results in a significantly improved experience for both staff and clients.
The Inflo platform, which serves as the vehicle driving the Digital Audit, leverages the most progressive technologies available in the digital era. Inflo’s proprietary audit methodology, which guides the navigation of the Digital Audit, incorporates the most advanced techniques to create a data-driven approach.
Combined, they allow audit and accounting firms to rapidly advance their digital transformation, creating a digital approach and harnessing data to drive automation.
Scalable, accessible to all
The Inflo Digital Audit is uniquely scalable – supporting audits of the most complex, publicly listed clients through to the smallest private business, performed by any size audit and accounting firm.
The Digital Audit is enhanced through advanced digital and data technologies. These premium capabilities are seamlessly integrated to the Digital Audit approach and tiered to fit each engagement.
Engagement teams can utilize premium functionality on an engagement-by- engagement basis, selecting the appropriate functionality for each audit they perform.
Inflo Modules Overview
Inflo Collaborate
Secure and intuitive client collaboration for project managing the PBC process.
Audit Applicability
Inflo Collaborate enables secure collaboration with the client by utilising file exchange and workflow capabilities.
Inflo Ingest
Secure data extraction designed to standardise client data from disparate accounting systems.
Audit Applicability
This will allow your clients to upload their Trial Balance and complete General Ledger Detail, giving you insights into their business earlier in your audit.
Inflo Flux
Variance analysis of client financial data to analyse performance and drill down to the notable transactions, incorporating the inquiry of management commentary.
Audit Applicability
For preliminary and final analytical review as well as capturing management commentary, analysing the effects on the engagement and creating audit documentation.
Inflo Explore
Using Investigative Data Analytics through Inflo Explore will help your team scope and visualise underlying trends in clients data. Use the dynamic interface to filter and compare multiple accounts and groupings to identify high-risk areas. Replace the need for time-consuming manual analysis of summary financial information.
Audit Applicability
Inflo Explore allows teams to utilize IDA (Investigative Data Analytics) as well as providing a full breakdowns of balances which drill down into the double-entry postings. Additionally, Inflo Explore automatically prepares all lead schedules for teams, creating efficiencies and enabling higher quality audit work.
Inflo Select
Automation of analysis, visualisation and testing across a broad range of financial data sets.
Audit Applicability
For performing substantive audit procedures in an automated and comprehensive manner rather than using disparate methods and tools to perform audit testing.
Inflo Detect
Instant identification of transactions demonstrating unusual characteristics and posing a risk of inappropriate activity.
Audit Applicability
For auditing risk of management override of control, particularly journal transactions entries in line with ISA 240.
Inflo Revenue Cascade
Analysing business processing to visualise relationships in financial data and identify transactions deviating from expectations.
Audit Applicability
To conduct a detailed analysis of 100% of revenue transactions in comparison to expected business processes, improving risk assessment across various revenue streams, anomaly testing and minimizing the need for substantive sampling over standard revenue transactions.
Inflo Metrics
Automated computation of financial KPIs, statistics and measures benchmarked to highlight optimisation opportunities.
Audit Applicability
To complement risk assessment through benchmarking and to include value outputs in client reporting documents.
Inflo Reports
Create reports that pull in data visualisation from the Inflo Detect module and create a client deliverable to present to the management team.
Audit Applicability
This will create a deliverable for your clients that will automatically pull data visualisation, technical language and summaries directly from the Inflo Detect module. The deliverable will also have space for your audit teams to provide additional analysis of the data for your clients.
Inflo Workpapers
Automation of workpaper creation and documentation, combining all the shared insight gained from the analytical modules and applying them to address the relevant audit standards.
Audit Applicability
To align the analytical insight with the audit procedures required to complete an end to end audit. This entails providing structure for each phase of the audit and automating the creation of the documentation required to adhere to the auditing standards.