Networth enhances audit effectiveness and quality by increasing transaction sampling coverage.

Networth lowers audit risk by identifying high risk transactions and by using a consistent automated approach across client engagements.

Risk Assessment

Networth uses an AI driven approach for precise risk identification and assessment of material misstatements due to fraud or errors. Audit risk is significantly reduced through due diligence, resulting in a successful audit.

Controls Validation

Automated deployment and monitoring of control activities ensures integrity of financial data, assignment of accountability, and prevention of fraud. Precise allocation and streamlining of data management helps to conserve resources.

Workflow Management

Networth allows you to transform your workflows to suit your processes, meet compliance requirements, and drive business agility. It offers valuable insights, helping you take well-informed decisions, paving the way for a successful audit engagement.

Process Improvement

Networth brings in greater transparency, streamlines processes, eliminates errors, ensures compliance and boosts the overall efficiency of the audit exercise. AI helps extract, classify and validate data from multiple sources, to ensure accuracy of the audit.

Core Features

Cloud Based Solution

Networth is a cloud-based audit solution that significantly reduces IT costs and complexities while optimizing workload and improving service delivery. It provides a way to increase capacity or add capabilities on the fly without investing in new infrastructure, training new personnel or licensing new software.

Networth uses the Software as a Service (SaaS) model built on a multi-tenant architecture that allows subscribers to access the application from anywhere using their browsers.

Streamlined Processes

Networth automates the entire audit procedure. The application securely imports data directly from the accounting software used by the auditor’s clients and converts the extracted data into a format that is suitable for analysis.

A Data Analysis Tool then performs detailed automated validation of various transactions and reconciles the data from the accounting software. Once this analysis is done, a range of reports can be generated, including P&L Statements, Balance Sheets etc.

Enhanced Workflow

Financial auditing today demands faster, real-time, and more accurate outcomes. Networth accomplishes this by digital transformation of the audit process and improving auditing workflows, making the lives of auditors and chartered accountants a lot easier. Networth reduces the turnaround time and increases accuracy of the audit process. Networth’s template-driven audit workflow facilitates compliance with auditing standards and regulatory requirements.

The solution is designed in such a way that by merely following the flow of the stated activities, auditing can be completed efficiently and accurately.

AI-Enabled Analytics

Networth’s AI-driven data analysis allows audit firms to examine a larger volume of transactions and verify the veracity of every transaction, unlike traditional audits that can verify only a limited volume of transactions through sampling methods.

Networth provides auditors with ample evidence on transactions and helps in identifying material misstatements in the general ledger, in assessing operational risks, in predicting business outcomes, and in ensuring intelligent decision-making.

Real-Time Insights

Networth leverages the power of Artificial Intelligence driven data analytics to provide auditors with real-time information, enabling them to forecast future trends through accurate representations. Legacy audit processes often tend to overestimate or underestimate issues that could potentially damage market confidence and cause loss of potential investors.

Networth is the perfect AI-powered auditing platform for solving today’s audit complexities and allows auditors more room to focus on advisory services

Greater Accountability

Accountability is a serious matter with major implications for auditors. An auditor reviewing a company’s financial statement is responsible and legally liable for any misstatements or instances of fraud. Scrutinizing books of accounts to identify risky ledger balances and transactions, however, is a time-consuming process, prone to human errors and omissions.

Networth offers a rule-based framework that automatically scans books of account, picks up potential risky ledger entries and transaction vouchers and categorizes them according to risk perception, thus bringing greater accountability to the audit process.

Audit Strategy & Planning

Networth helps auditors to create a road map for conducting a financial audit, defining the scope, timing and direction of the audit. It enables auditors to develop a foolproof audit plan with detailed responses to specific risks identified by the auditor, based on a deep understanding of the entity being audited. Proper planning helps auditors to organize and manage audit engagements so that they are performed in an effective and efficient manner.

Networth’s AI powered audit solution also helps auditors to identify and apply adequate attention to critical areas of an audit.

Risk and Event Predictions

Traditional audit is retroactive, providing post-facto audit reports, and is therefore of limited value in today’s dynamic business environment because it is slow and backwards looking. Networth is a contemporary auditing and monitoring platform that not only shortens the audit and assurance time frame, but is also forward looking, and will bring the assurance processes, financial and non-financial, closer to the corresponding events.

Rather than merely looking backward to historical data and past errors or anomalies, Networth’s predictive audit model helps to proactively identify possible exceptions by comparing each transaction to a normative model before that transaction is executed.

Evidence-based Audit Findings

Reliability is key in any audit process. Audits are valuable only to the extent to which the results of an audit can be trusted by both internal and external stakeholders.This trust can occur only when audit results are based on hard evidence that is relevant, sufficient, and verifiable. Audit evidence is relevant to the extent that it is related to the scope and nature of the audit being performed. Audit evidence is sufficient to the extent that it is enough to evaluate conformance to selected standards. Audit evidence is verifiable to the extent that it is tied to facts gathered using objective audit techniques.

By providing evidence that is relevant, sufficient, and verifiable, Networth helps auditors to satisfactorily complete audit engagements.

Better Customer Experience

Networth helps auditors unlock their true potential while saving more than 70% of their time and effort through extensive automation of audit and compliance related activities. Clients are delighted with the quick turnaround time that Networth ensures. Financial statements can be generated quickly. Multi-division statements can be consolidated in a jiffy. Ledger Scrutiny is done automatically. So is Ageing Analysis. Networth provides a seamless framework with built-in templates to ensure compliance with Auditing Standards. Built-in validations and automation reduce cumbersome manual work and rework.

All of these make Networth the ideal platform for internal and external audits.

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