Problem Statement

Traditional audit planning involves significant manual effort in identifying applicable accounting standards, CARO applicability, compliance checkpoints, audit risks and materiality areas. Auditors spend considerable time converting financial statement data into actionable audit planning insights, resulting in repetitive work and delayed risk-focused audit execution.

Proposed Solution

AuditIQ is an AI-powered audit intelligence platform designed to assist Chartered Accountants in faster and smarter audit planning.

The platform analyzes uploaded financial statements and automatically generates:

1. Applicable Ind AS / AS mapping
2. CARO 2020 applicability
3. Risk intelligence indicators
4. Fraud and anomaly observations
5. Materiality analysis
6. Suggested audit procedures
7. Compliance review checkpoints
8. Audit planning notes

The solution is designed as an interactive dashboard for audit-focused analysis and decision support.

Technology Used

The prototype was developed as a web-based dashboard using AI-assisted development platforms with frontend technologies such as HTML, CSS and React-based components. Audit logic and compliance mapping were structured based on practical audit workflows and statutory requirements.

Key Features

1. Automated standards applicability mapping
2. CARO 2020 reporting analysis
3. AI-assisted risk categorization
4. Fraud indicator identification
5. Materiality-based audit focus analysis
6. Audit planning intelligence
7. Interactive dashboard visualization

Benefits to CA Firms

1. Faster audit planning
2. Reduced repetitive manual work
3. Improved risk-focused auditing
4. Better compliance review
5. Scalable audit intelligence support for CA firms

Future Scope

The platform can be further expanded with:

1. GST reconciliation engine
2. Tally integration
3. MCA integration
4. Automated working papers
5. Predictive fraud analytics
6. AI-assisted audit documentation