Annual audit with artificial intelligence:

Annual audit with artificial intelligence:

5FSoftware introduces Canadian anomaly detection solution for public accountants

MindBridge awarded Technology Pioneer 2020 by the World Economic Forum

The Regensburg-based start-up 5FSoftware has signed an agreement to distribute the Canadian company MindBridge’s Ai Auditor™ software solution for the German and Austrian markets. The solution enables auditors to expose anomalies, whether intentional or not, during their annual financial statement audits in the shortest possible time.

Wirecard-Scandal could have been prevented

With the help of machine learning and artificial intelligence, MindBridge’s software solution analyzes 100% of transactions, recognizes unusual patterns in financial data and thus prevents manipulation. More comprehensive and faster than any human being, “Ai Auditor” uncovers suspicious deviations: from small false entries, to fraud, to complex, internationally interwoven embezzlement attempts.

For 5FSoftware, the cooperation with MindBridge represents an important expansion of its own competence and product range: The specialists for client communication provide lawyers, tax consultants and auditors with a “client collaboration” platform and now offer MindBridge’s Ai Auditor™ as an additional tool for the analysis and identification of data anomalies.

Time is money

Marco Bogendörfer, founder of 5FSoftware, sees clear advantages compared to previous solutions. “Both, tax consultants and auditors benefit enormously from groundbreaking AI solutions such as Ai Auditor: Since administrative tasks of daily business are becoming increasingly digitalized, the added value in tax consulting and auditing will in future lie in the consulting services. So-called predictive analytics therefore make an indispensable contribution to the future viability of the profession,” explains Bogendörfer.

All from one source

The Canadian partner company was recognized as a technology pioneer by the World Economic Forum in 2020 for its innovative strength in transforming the accounting and financial services professions in analyzing data. For MindBridge the cooperation with 5FSoftware is a further step in its European expansion. It recently opened a subsidiary was in London – now the entry into the German speaking market follows.

“5FSoftware and MindBridge share a common vision for the digitalization of the auditing and tax consulting industry,” said Stuart Cobbe, Director of Growth, MindBridge Europe. “5Fsoftware has the high level of competence and service that MindBridge users in Germany expect. I am also looking forward to finding opportunities in the cooperation that can increase the potential of both products when implemented and used together”.

5FSoftware and MindBridge help organizations deliver rapid value to their clients with deeper insights and higher risk assurance for 100% of their data. With MindBridge’s Ai Auditor™, the world’s first AI-powered auditing solution, organizations are augmenting human capacity to keep confidence in their financial data.