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USE CASE

Accounting and Auditing

Objective

  • Transform auditing from quarterly to real-time, driving audit quality, accuracy and reliability

  • Pinpoint errors, decrease risk and find fraud immediately rather than over months/years

  • Empower accountants and auditors to work on high risk cases vs mundane tasks

  • Ransform auditing from quarterly to real-time, driving audit quality, accuracy and reliability
  • Pinpoint errors, decrease risk and find fraud immediately rather than over months/years

  • Empower accountants and auditors to work on high risk cases vs mundane tasks

Outcome

  • Detected abnormal journal entries in accounting systems

  • Models that outperformed auditors, ranking in top 10%

  • Document analysis to verify evidence auditors receive, spending less time on reading and comparing documents

Business Value

  • Achieve ongoing auditing by continuously  monitoring transactions and account balances 

  • Automate manual audit work, improving OPEX and focusing auditor time on complex tasks and cases

H2O's AI and Data Approaches

  • Natural Language Processing for audits and to understand the structure and meaning of text. 

  • Graphs that show usual and unusual patterns, with annotations from auditors to identify which patterns would warrant auditor review; H2O-3 learned these patterns

  • Document AI to check evidence that auditors receive

 

Resources

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