UK-based business advisory and accountancy company Menzies has implemented Platformed’s artificial intelligence (AI)-powered third-party risk management software to enhance its IT audit processes.
The move is aimed at standardising the IT audit component of statutory financial audits, notably supporting ISA 315 assessments.
The adoption of Platformed’s technology is expected to reduce the time to completion of audits and unlock new service offerings for Menzies’ clients.
Platformed’s IT audit solution utilises AI to identify risks and assess control compliance by mapping and analysing client data.
This preliminary assessment is automated, allowing auditors to review and refine the insights, request further information from clients if necessary, and leverage collaborative workflow features.
The reports generated by Platformed can be seamlessly integrated into auditors’ existing templates.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAdditionally, the software provides detailed evidence packs, which are essential for comprehensive record-keeping and case management systems.
Founded in 1912, Menzies serves a diverse client base, including mid-sized to large privately-held corporates, non-profits, and individuals.
The company focuses on optimising its clients’ financial, operational, and strategic needs across various services such as audit, tax and compliance, accounts advisory, financial planning, and transaction services.
Menzies partner Tom Woods said: “Aside from the important legal requirements, audits provide important and valuable insight for our clients. Working with Platformed ensures we will be able to offer a consistent and high-quality approach across all our audits.
“With this partnership, we will empower our auditors to work more efficiently, raising the bar even further on audit quality and maintaining high consistency. As a result, we will be able to unlock more value for our clients and, in the future, offer additional IT audit services beyond the statutory ISA 315 scope, allowing them to access more services from a single provider.”
In July 2024, Menzies appointed six new partners as part of its growth strategy with five being promoted internally.
