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DataSnipper and Microsoft Unveil AI Agents for Enhanced Audit and Finance

In a significant advancement for audit and finance teams, DataSnipper has announced the launch of its innovative AI Agents designed to streamline workflows. These agents, known as Disclosure Agents and Excel Agents, aim to tackle two of the most time-consuming and error-prone areas in the industry: disclosure checks and complex Excel tasks.

Elevating Audit Efficiency

According to Vidya Peters, CEO of DataSnipper, the need for automation within audit environments is pressing. Traditional methods often involve tedious manual testing and complex disclosures that hinder efficiency. The new AI Agents are tailored to integrate seamlessly into existing audit workflows, addressing these challenges head-on.

"Disclosure Agents and Excel Agents are built to solve our customers' biggest pain points: manual testing, complex disclosures, and fragmented workflows," Peters highlighted.

The Benefits of AI in Audit and Finance

Auditors and finance professionals must navigate a landscape characterized by strict regulatory requirements, high volumes of unstructured data, and relentless deadlines. The pressures can lead to inefficiencies, particularly when judgment or contextual understanding is required. DataSnipper's AI Agents bridge this gap by leveraging automation with a human-like understanding. This combination allows for faster deliverables on compliance-heavy tasks without compromising on accuracy.

The AI Agents can trace every output back to its source, significantly reducing the risks associated with automation errors. They are engineered to adapt to fluctuating workloads and changing standards while freeing up valuable time for auditors to focus on more strategic, analytic roles. This shift transforms how teams operate, enhancing the overall audit process.

Features of Disclosure Agents

One of the standout features of the Disclosure Agents is their ability to streamline the often tedious process of reviewing disclosures. They aid in:

• - Accelerating Disclosure Reviews: By analyzing disclosures against IFRS and GAAP standards, these agents can transform days of manual work into mere minutes.
• - Cross-Checking Requirements: They utilize firm-specific checklists and internal policies, ensuring that reviews encompass both global standards and local practices.
• - Creating Verifiable Audit Trails: Transparency is significant; each requirement links to clear evidence, ensuring compliance and boosting capacity for high-level analysis.

Through these functionalities, the annual reports and internal audits that once consumed countless hours can now be completed swiftly without sacrificing detail or quality.

Features of Excel Agents

The Excel Agents address a familiarity gap within audit testing environments. As testing primarily occurs in Excel, these agents introduce a prompt-driven automation workflow that:

• - Automates Entire Testing Processes: They match sample data, extract key fields, and compare results much quicker than traditional methods.
• - Integrates with Existing Tools: Agents operate directly within Excel, cutting the need for complex setups or retraining.
• - Produces Audit-Ready Outputs: Results come with comprehensive cross-references, establishing trust with teams and regulatory bodies alike.

This innovation allows auditors to shift their focus from mundane tasks to more critical assessments of risk and strategic insights.

The Future of AI in Audit and Finance

Both DataSnipper and Microsoft believe that these AI Agents signal an essential evolution in the audit sector. By enhancing, rather than replacing, human roles, these agents epitomize a collaborative approach.

Kevin Murphy, the AI Product Lead at Grant Thornton Advisors LLC, remarked on this collaboration, stating,

"Our efforts with DataSnipper showcase how AI enhances the human auditing role, promoting interpretability and oversight.”

The introduction of AI Agents aligns with DataSnipper's broader vision to redefine how audit and finance teams operate, emphasizing ease of compliance, efficiency in testing, and accessibility of insights. With significant market presence, DataSnipper continues to lead technological innovation in the audit domain, making waves not just in the Netherlands, where it holds the title of the fastest-growing tech company, but globally among the largest auditing firms.

About DataSnipper

Founded in 2017, DataSnipper is dedicated to transforming audit and finance processes with intelligent automation solutions. Supporting over 600,000 professionals across 175 countries, it serves the industry's largest firms, including Deloitte, EY, KPMG, and PwC. Following a successful Series B funding round in 2024, DataSnipper is positioned for even greater advancements in the years to come.