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Audit, Accounting and Tax
Audit, Accounting and Tax services leverage “Information” from Regulators, “Execute” audit process by applying “Expertise” of understanding of rules set by regulators and providing independent “Verification” reports and tax filing forms

Audit, Accounting and Tax

Core Challenges in Audit, Accounting and Tax

Our Offerings

TechM Service Offerings for Audit, Accounting and Tax

Adding More Value to our solutions

In addition to core audit, technology platform driven solutions can be implemented for:

Benefits of Digitizing the Core Functions

Increase Trust and Transparency in the process

Meet changing demands of Regulators

Technology/Platform Led Delivery model to stay relevant and not be disrupted

New/Different Service Offerings to meet Changing regulations in complex global economy

TechM Point of View

Following are the areas where technology can change the outdated business practices:

Increasing trust among public and regulators
In current model, a sample of client’s data or financial transactions is used for Audit. Percentage of this information is used as sample, mostly <20%. The final output is an “Audit Opinion”.

Leveraging Artificial Intelligence and Machine Learning, it’s now possible to Audit “All Financial Transactions” as opposed to sampling, increasing the overall quality of the audit and increasing trust and transparency among Regulators and Public. With Drone Technology, it’s now easier to verify and audit “Physical Assets” of organizations easily and in real-time.

Changing demands of regulators
With Advanced Data Analytics (and Machine Learning), data from previous audits can be used to find anomalies in financial transactions and make audit a continuous process as opposed to half-yearly or yearly process. This can enable real-time audit as required by Regulators. In coming years, more of the financial transactions will be recorded in Blockchain (including Crypto and FIAT transactions).

Technology, platform-led delivery
In today’s world, Fin/Reg-Tech startups provide platform-led services in addition to embedding technology (e.g. AI/ML, Drones) to the process. Providers like Thomson Reuters, Wolters Kluver, ADP, Bloomberg and HRBlock are providing tax services disrupting traditional models and players. Bloomberg provides details of all changing regulations as real-time information. Thomson Reuters provides platform for Tax calculation and filing while Wolters Kluver, with the acquisition of CCH, provides tax filing services to long tail of countries. Traditional tax consulting firms (Big 4) need to redefine the models to build and provide end to end, platform based tax solutions.

It is important to expose these platforms to clients for easier integration of data, transactions and provide real-time view of the process. This means, it is important to automate most the steps (as many as 2000) in an audit process.

New/Different Tax Service Offerings
Newer Service Offerings are required to meet the changing regulations as well as the changing global landscape. Some of the evolving needs are:

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