Problem Statement:

To analyze the trial balance using the ai powered software to ensure no material misstatements go unnoticed at a later stage during the audit.

Technology used:

Lovable dev for creating the app for analyzing the trial balance.

Open AI API/ Notebook LLM for integration with lovable dev and provide an insightful audit strategy.

Solution / Key features:

1. Ensure the TB seems logically reasonable with balancing out amounts
2. To ensure there isn’t absurd variance among FSLIs
3. To ensure the comparison with PY balances seems reasonable
4. To provide detailed audit steps including identifying risk items, providing audit responses to those and ensure to obtain reasonable evidence to conclude no material misstatement

Conclusion:

This tool helps to simplify the audit process as a whole and ensure the reliance on audit partner on the initial stages are reduced to minimum level.