Revident is building the tech-native audit firm for modern finance teams.
We test every transaction on data that comes straight from your systems. The audit runs continuously so you always know where you stand.
Illustrative example: a financial year under continuous audit. Every transaction is tested as it is posted, findings are raised and resolved during each month, and every month closes with nothing left open.
Traditional audit
By the time it is done, your audit report is ancient history
Your finance team runs on live data. Your audit runs months later on extracts.
A financial year of 56,110 transactions runs from January to December and nothing is tested while it runs. After the year end, audit fieldwork from February to March tests a sample of 40 transactions, 0.07 percent of the year, and finds two exceptions. The findings are reported on 31 March and the opinion is signed on 7 April, fourteen weeks after the year end. A finding from January is reported 15 months after it occurred; with a sign-off in June, still within the statutory deadlines, that reaches 18 months.
It’s still largely manual: a team of people gathering evidence, checking a sample of transactions and reporting months after the year has closed.
The Revident audit
When the books are digital, the audit can be too
Auditors check samples because there has always been too much to check by hand. That is no longer true.
The same year of 56,110 transactions, tested week by week as it runs, so every transaction is tested. Seventeen findings are raised during the year and each is resolved within its month. After the year end, your team closes the books and prepares the financial statements by 5 February, while Revident checks the year-end balances and then the statements. The opinion is signed on 12 February, a week after your financial statements are ready.
When a company’s data lives in connected systems, software can test every transaction, every month, and flag what deserves a closer look.
Software does the testing. A licensed auditor signs off on it
As in any audit file, every piece of work carries two sign-offs: who prepared it and who reviewed it. Our software prepares the testing. A licensed auditor oversees and reviews the process, makes the significant judgements and signs the opinion.
Illustrative example of an audit file’s sign-offs for a fictional company: every transaction tested, the exceptions flagged and the bank agreed to the ledger are each prepared by the software and reviewed by a licensed auditor, who then signs the audit opinion.
Build it with us
Join the waitlist for notes from the founders and be the first to hear when places open for the pilot.
Or write to us at info@revident.eu