Completing audit of three months account in 30 seconds may sound weird but iAudit, a software developed by Infilytics has made it possible and has received all round accolades.

Rajkot-based Palak Vasa, a chartered accountant, Founder and CEO of Infilytics had hit upon the idea of speeding up audits to avoid bank frauds and improve compliance.

After becoming Chartered Accountant, Palak joined ITC in November 2015 and got opportunity to audit the company’s various business including tobacco, FMCG, hotels, papers, agriculture and IT. This is when he realised that audit is being carried out manually across the world and stumbled upon idea to develop iAudit.

Vasa teamed up with IIT Roorkee’s Smit Parsania, CTO and Chartered Accountant Mansi Jain, COO to develop iAudit software that can complete three-month audit in 30 seconds.

Leading companies such as HDFC, Tata Steel, ITC, Invesco and Maersk have already adopted iAudit. Vasa expects the software is expected to be a major disruptor in account auditing.

As per RBI, bank frauds have increased to 1.8 lakh crore in 2019-20. One of the reasons for such widespread fraud is due to lack of warning signal through internal audits. Vasa claims that the audit software will help banks reduce frauds.

Moreover, Vasa says that India is heading to become a $5 trillion economy in five years and for that to happen the compliance ecosystem needs to be strong. iAudit was ranked top 10 start-ups across South Asia among over 1,500 start-ups enrolled from nine countries.