After you’ve provided the accounting data, sit back while Audit Sight transforms your data into a ready-to-go Audit & Review Analytics workpaper.
What is the Audit & Review Analytics Module?
The Audit & Review Analytics Module is an AI-powered tool designed to help audit teams surface financial risks faster and with greater accuracy. It automates early-stage planning and final financial statement review by analyzing General Ledger and Trial Balance data in minutes. The module identifies unusual entries, account fluctuations, and material risks that may impact EBITDA, reporting accuracy, or internal controls. With just a few clicks, auditors gain access to heat maps, ratio analysis, and customizable anomaly detection—empowering them to make smarter scoping decisions, ask sharper questions, and streamline every engagement with consistent, defensible analytics.
How Does It Work?
At the core is our proprietary Financial Anomaly Risk Score (FARS), powered by the Audit Sight Anomaly Detection Engine, a purpose built AI model developed by CPAs and trained on billions of financial transactions. It uses advanced, multi-dimensional pattern recognition to surface unusual entries and the risks related to them that are often buried deep in raw accounting data.
In this guide, we’ll show you how to request the workpaper in under a minute and explain what steps remain for you to complete.
Step 1: Navigate to Your Engagement and Select Financial Statement Analytics
From the left sidebar, go to Engagements and locate the engagement for which you need the Audit & Review Analytics workpaper. Once inside the engagement, click Start to begin the process.
Step 2: Configure Your Flux Analysis, Ratios, Inquiries Request
After initiating the Flux Analysis, Ratios, Inquiries, it’s time to configure your request.
- Select the report date range.
- Choose the entities in scope.
- Specify the anomaly detection settings.
- Click "Request Workpaper".
Note on the Anomaly Detection Settings
Standard Deviation:
This controls how sensitive the system is to outliers. It defines how far a value must deviate from the average before being flagged as unusual.
Lower values (e.g., 500): More sensitive, catches subtle issues but may create more false positives.
Higher values (e.g., 2000): Less sensitive, flags only major anomalies to reduce noise and highlight the biggest risks.
Thresholds:
These are set separately for the Income Statement and Balance Sheet. You can define them as a percentage (of total revenue for IS or total assets for BS) or as a fixed dollar amount.
Tip: Don’t overthink the initial settings. They can be adjusted anytime, and the workpaper can be rerun if you want different results.
Step 3: Download the Workpaper
Once the workpaper has been generated, you’ll receive an email with a link to download it. The workpaper can also be found under the Work Papers tab within the engagement.
To download a workpaper, simply click the download icon on the far-right side of the screen.
Understanding the Workpaper
If you’d like to review an example of a completed workpaper with all relevant annotations, please email us at support@auditsight.com.
