Journal entry testing (JET) is a cornerstone of every financial statement audit, serving as the frontline defense against the risk of management override of controls. No matter who you are or what your client does, there is a default presumption that you always have to perform JET. Yet, the traditional approach to JET is very manual, time-intensive, and repetitive, leading to non-engagement from staff or clients. This has been long due for innovation, and this is where MindBridge comes in.
MindBridge revolutionizes journal entry testing with AI-driven precision using Ensemble AI, offering auditors the tools to analyze 100% of journal entries and uncover anomalies that might otherwise slip through the cracks. With customizable risk scoring and seamless data analysis, our platform assists with compliance with standards like PCAOB AS 2401, AU-C 240, and ISA 240 and enhances audit efficiency through the precision it provides
How MindBridge Transforms Journal Entry Testing with AI-Powered Precision:
- Full-Population Testing: No sampling guesswork—analyze every journal entry with Ensemble AI to detect high-risk transactions and focus your staff’s time on the risky and interesting.
- Focused Filters: Drill in on specific risk attributes, like manual entries or unusual patterns, without being overwhelmed by data or needing an expert skill set in data wrangling or computer science.
- Customizable Scoring: Tailor risk assessments to match your audit objectives, ensuring you test what matters most.
MindBridge doesn’t just make audits smarter; it makes them faster, more precise, and more responsive to further investigation driven by auditor judgment. By investing in this cutting-edge technology, your firm can achieve superior audit quality while saving time and resources.
Are you ready to transform your audit process? We’ve created an in-depth audit guide to help you master efficient journal entry testing, address management override risk, and elevate your audit quality with AI-driven insights.
For any questions, contact your Customer Success Manager or reach out at info@mindbridge.ai.
About the author: TJ Smith is the Assurance Strategy Program Director at MindBridge, an AI-driven platform for financial risk analysis. A CPA and CISA, TJ combines expertise in accounting and technology to help redefine assurance engagements through AI and analytics. He also teaches accounting and business technology at Bishop’s University, sharing his passion for innovation and data-driven insights.
