Audit Workflow automation- Phase 1.1 Release - May 2024

Welcome to the new release of AssureAI, which comes with a new feature, “Determine Materiality,” the first in a series of features being rolled out as part of Audit workflow automation, plus a few very practical utilities for task assignment and tracking.

New Feature: Determine Materiality

Automatic computation of materiality (Performance, Specific, and Trivial) using a standard Framework

• Assessment of client risk level based on a 27-point questionnaire
• Auto computation of Key financial metrics based on client data, for the current and previous periods, with the ability to pick one or more benchmarks to arrive at the Overall materiality threshold
• Deriving values of Performance, Specific, and Trivial Materiality using recommended hair cut percentages appropriate for the risk level of the client
• Selection of categories to be tested based on Specific Materiality

Task Execution View - Enhancements

• Ability to “Reopen” / “Undo Mark as complete” the tasks that are already completed.
• Automatic computation of % complete and roll-up to the assignment level

Ability to edit and assign Maker / Checker / Approver / EQCR at a task level

*****