How Changepond automated a tedious
Manual SOC Audit report preparation is a tedious task involving processing a number of documents, extracting appropriate data, and generating the report. The following is a brief outline of how Changepond improved the process with an AI/ML-powered solution.
Audit report generation process using AI/ML?
Manual SOC Audit report preparation is a tedious task involving processing a number of documents, extracting appropriate data, and generating the report. The following is a brief outline of how Changepond improved the process with an AI/ML-powered solution.
The customer is one of the top 10 tax and audit firms in the US. Every year, the firm processes over 10,000 documents in the preparation of SOC audit reports.
The customer is one of the top 10 tax and audit firms in the US. Every year, the firm processes over 10,000 documents in the preparation of SOC audit reports.
Requires a dedicated team to process files
High processing time
Prone to a clerical error
Requires a dedicated team to process files
High processing time
Prone to a clerical error
Changepond implemented
a two-step solution
File processing and data extraction
SOC memo file preparation and sending it to the corresponding user(s)
Automation of internal controls can play a role in not only reducing financial reporting and audit risks but also audit cost - Gartner
There are clear opportunities for audit teams to automate the many repetitive, low-value, time-consuming activities and free auditors’ time for higher-value tasks - Gartner