Fieldguide for Financial Audit - Blog - Fieldguide

San Francisco, CA – June 4, 2024 – Fieldguide, the first and only provider of end-to-end AI software for audit and advisory services, is proud to announce the launch of Fieldguide for Financial Audit, a groundbreaking AI-powered platform designed to drive efficiency across the entire audit lifecycle. This revolutionary platform combines Fieldguide’s cutting-edge AI capabilities with award-winning end-to-end engagement automation, offering firms a faster, smarter, and better way to manage their financial audits and overall operations.

Fieldguide for Financial Audit Helps Firms Alleviate the Talent Crisis

The industry-wide talent shortage has been well documented. According to the 2023 AICPA (American Institute of CPAs) Trends Report, Bachelor degrees in Accounting dropped 7.8% between 2021 and 2022 and Master’s degrees in Accounting fell 6.4% in the same time period. In a recent WSJ article, it was reported that more than 300,000 U.S. accountants and auditors left their jobs in 2021-2022, a 17% decline. Add to that an ever-increasing demand for audit services further widening the service gap, and the need for technology leverage is clear.

Fieldguide for Financial Audit helps firms tackle the talent crisis by enabling them to work smarter with industry-specific AI, faster with increased efficiency, and better with higher accuracy and quality. It streamlines audit engagements, ensures consistency, and uses AI to automate repetitive, manual tasks, freeing up staff for strategic work. With Fieldguide, firms can increase engagement margins, enhance audit quality, and modernize the client experience.

"Fieldguide for Financial Audit is a paradigm shift in audit technology," stated Jin Chang, CEO and co-founder of Fieldguide. "Our platform addresses the talent crisis and enhances audit quality and efficiency by integrating AI into every phase of the engagement."

Key Financial Audit Features and Benefits:

• Smarter - AI-Powered Technology: Utilize the latest AI technologies to enhance audit team productivity and thoroughness. AI-assisted risk assessment and testing procedure selection highlight potential issues and ensure the right work is performed. AI-powered requests improve team productivity and client interactions, while practitioners can easily summarize or provide recommendations for audit evidence and client documents.
• Faster - End-to-End Audit Efficiency: Manage every aspect of an audit from kickoff to close with a comprehensive and modern platform. AI-powered trial balance mapping and data extraction, coupled with intuitive one-click generation of financial statements, saves countless hours and review cycles. Fieldguide’s end-to-end analytics provide insights into efficiency improvements across the entire engagement lifecycle, better resource management, and unlocks additional client value with a modern experience.
• Better - Higher Quality Audits: Leverage trusted methodologies, audit libraries, templates, and workflows in an intuitive modern experience to ensure rigorous standards are met. AI-powered suggestions throughout every phase of the audit help resolve issues, and robust trial balance and adjustment functionality, along with real-time collaboration on working papers, provide additional quality control.

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About Fieldguide

Built by and for practitioners, Fieldguide is the leading AI platform for advisory and audit services, streamlining the entire engagement lifecycle for firms and their clients. Their AI-powered, cloud-based software helps firms take advantage of the increasing demand for Advisory and Audit services by addressing the challenges of scarce talent, remote collaboration, and more sophisticated clients.

Fieldguide provides end-to-end visibility across all advisory and audit engagements, including risk and cybersecurity, privacy, payment card compliance, regulatory compliance, SOC audits, HITRUST, and more. Top 100 and innovative firms Wipfli, Mazars, and Aprio trust Fieldguide to increase revenue, boost client satisfaction, and improve profits.

Fieldguide has been recognized by AccountingToday and CPA Practice Advisor, receiving the AccountingToday Top New Products Award and the CPA Practice Advisor Technology Innovation Award in 2021, 2022, and 2023. Fieldguide CEO, Jin Chang, was also named one of CPA Practice Advisor’s 20 Under 40 Most Influential People in Accounting in 2022 and 2023. The company is backed by top investment firms, including Bessemer Venture Partners, 8VC, Y Combinator, and Floodgate.

For more information about Fieldguide for Financial Audit or to request an invitation, please visit fieldguide.io/solutions/financial-audit. To learn more about how AI is alleviating the talent crisis, visit fieldguide.io/ai-talent-crisis-eguide.

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