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Accounting

AuditFile Launches New Single Audit, Governmental, and International IFRS Modules

Advantage Audit AI leverages a patented artificial intelligence engine to optimize and automate the auditing process.

Isaac M. O'Bannon

Dec. 02, 2023

AuditFile, Inc., an award-winning provider of cloud-based audit solutions, has added three new modules to its flagship product, Advantage Audit AI.

Advantage Audit AI leverages a patented artificial intelligence engine to optimize and automate the auditing process. The new modules enhance this capability, offering:

  • Real-time analytics and insights
  • Automated trial balance classification and AI-assisted roll-forwards
  • Seamless integration with existing accounting systems.

New Modules Tailored to Diverse Auditing Needs
Single Audit: Designed for entities receiving federal funds, this module simplifies compliance with the Single Audit Act and OMB Uniform Guidance, ensuring accurate and efficient audits of federal grants and assistance.

Governmental: Tailored to the unique needs of government entities, this module provides tools and resources aligned with GASB standards, enhancing the effectiveness and reliability of governmental audits.

International IFRS: Catering to global clients, this module supports IFRS and ISA, aiding firms in conducting international audits with a high level of precision and consistency.

“The introduction of these new modules to our Advantage Audit AI product is a testament to our dedication to innovation in the field of auditing,” said Steven Bong, CEO of AuditFile, Inc.  “At AuditFile, Inc., we are committed to empowering auditors with the best tools and technology.”

The new Single Audit, Governmental, and International IFRS modules are available immediately for existing and new customers of Advantage Audit AI. For more information about these new offerings and how they can transform your audit process, visit https://auditfile.com. AuditFile is the only complete, cloud-based all-in-one engagement automation platform for public accounting professionals. Offered in three subscription options, AuditFile easily scales to meet the specific needs of firms of all sizes and specialties, and includes data storage, web training, and technical support in the subscription fee. AuditFile is designed to give auditors a simple, yet sophisticated solution that combines workpaper and trial balance management, audit workflow, and methodology in an open platform that easily integrates with the firm’s existing programs and technology environment. For more information, visit https://auditfile.com.

Founded by CPAs in 2011, AuditFile, Inc. delivered the profession’s first completely cloud-based audit automation solution to help firms of all sizes perform audits more efficiently and effectively. AuditFile was recently awarded the title of #1 Audit Tool in the 2023 CPA Practice Advisor Readers’ Choice Awards. AuditFile was awarded patent 10,891,294 by the United States Patent and Trademark Office (USPTO). The patent covers the application of artificial intelligence to attest engagements. The company continues to deliver on its mission of offering a sophisticated toolset that helps practitioners improve the efficiency of audit processes, while ensuring that the software itself remains simple to use for all technological abilities.