What is Midship?
Midship is designed to enhance the capabilities of human auditors by integrating AI into every phase of an audit engagement. The platform automates many time-consuming tasks, allowing auditors to focus on critical thinking and analysis.
By leveraging artificial intelligence, Midship reduces the need for manual processes, like sorting through data, performing sample checks, and creating workpapers from scratch. Every AI-driven decision is traceable and verifiable, maintaining the transparency and integrity of the audit process. The system aims to drastically cut down on overall audit duration while ensuring quality and compliance.
Features
- Auto-match documents: AI structures and categorizes uploaded documents, automatically matching them to audit samples.
- AI-powered audit tests: Runs key audit procedures on samples, ensuring accuracy, completeness, and compliance.
- Pre-built audit programs: Methodology-aligned programs for key cycles (Accounts Payable, Receivables, Revenue, etc.) ready for tailoring.
- Customizable tests: Allows setting rules, thresholds, and validation criteria to match firm standards, regulations, and client needs.
- Reviewable AI findings: Every test element is linked to supporting evidence for easy review and validation.
- Excel workpaper generation: Compiles findings, evidence, and flagged issues into a structured Excel workpaper.
- Excel add-in: Enables AI-powered checks within spreadsheets to validate data and match documents.
Use Cases
- Streamlining external audits
- Automating audit tests
- Generating audit-ready workpapers
- Improving audit efficiency
- Ensuring audit compliance
- Enhancing audit accuracy
