Client
Our client is a UK-based Big Four accounting firm known for their global reach and robust audit services. The leading professional services organization sought to modernize their long-term audit program to reduce manual redundancies and ensure consistency.
Challenge
Our client faced several challenges with their audit platform:
- Manual tasks caused inefficiencies and errors, requiring automation in audit processes.
- Global processes lacked standardization, leading to inconsistencies in outcomes.
- Redundancies in AR/AP and data sampling slowed operations and increased error rates.
- Needed an efficient audit platform to streamline global audit operations while reducing time spent on manual processes.
Solution
Hexaware delivered a comprehensive automation solution, including:
- Automation in Audit Processes: Leveraged AI, ML, and OCR to digitize audits, introducing automation across critical audit functions.
- Audit Automation Tools: Integrated smart products like automated reconciliation, intelligent checklists, and document intelligence for transaction audits.
- Artificial Intelligence in Auditing: Applied AI-powered bots and ML algorithms to replace existing middleware solutions, enhancing efficiency.
- Global Standardization: Enabled multilingual support across 127 countries, compliant with 22 languages, to address audit program diversity.
- Advanced Audit Platform Features: Integrated tools like Magic Link and DocuSign for seamless external audits, streamlining approvals and confirmations.
Benefits
Our solution redefined the client’s audit operations, achieving:
- Significant time savings of 70,000–175,000 hours daily across global auditors.
- Enhanced accuracy and efficiency through automation in the audit process, reducing errors in AR/AP and sampling tasks.
- Standardized processes ensuring consistency and compliance worldwide.
- Supported 35,000 auditors globally, with the capacity to serve 100,000 auditors post-global deployment.
Summary
Hexaware partnered with a Big Four accounting firm to streamline their long-term global audit program using cutting-edge automation in audit and AI-driven solutions. By integrating advanced tools like OCR, AI, and ML, the platform automated five key manual processes, reduced redundancies, and standardized global audit procedures. Our solution delivered multilingual functionality, compliance with global regulations, and seamless external audit management via tools like DocuSign. The result was a transformative audit platform that enabled the client to scale operations, reduce errors, and save thousands of hours daily for their auditors.
