Automated vouching tool
Our proprietary automated vouching tool uses optical character recognition and natural language processing technology to automate the extraction of relevant data elements from unstructured documents, such as vendor invoices. It then compares the general ledger to these extracted data elements and populates workpapers showing the results and helping to identify issues.
KPMG is focused on a more automated, data-driven audit to deliver clients quality and efficiency. Automating our responses to risk is integral to that vision. Enter our proprietary automated vouching tool.
In Action: For one large accelerated filer, any time saved during busy season can help the KPMG team focus more on higher-risk areas, so they decided to pilot AVT in select areas.
“It’s a snappy interface. Everything is very intuitive,” one team member noted. “We were all excited by how easily we could jump into this tool and use it.”
So easy, in fact, the team is now adopting AVT across the audit engagement.
By automating the matching process, AVT redistributes time and focus from low judgment work to analyzing exceptions in the tested population -- thereby optimizing time spent in relevant areas – overall, resulting in a better audit experience.