Tech start-up Infilytics iAudit, an artificial intelligence-based audit analytics and automation software, has gained momentum with IDBI Bank close to completion of implementing the software in July.
The start-up achieved a major breakthrough in 2022 when Sunit Sarkar, Executive Director and head of Audit, IDBI Bank and Suresh Khatanhar, Deputy Managing Director, IDBI Bank recognised the potential of the software and the bank gave the mandate to the start-up to implementthe system in IDBI Bank.
The project led by Sarkar and his three-member team has already implemented Phase-1 of the project and the balance would be completed by July.
KPMG’s financial services team has also adopted iAudit tool for its clients, said the company.
The software has the potential to shift from conducting manual field testing and verification in traditional auditing to performing audit analytics from one central location on an ongoing basis.
The iAudit platform has the ability to automate the entire audit process, with continuous monitoring and compliance testing along with information dashboard for exception reporting.
The software has garnered widespread recognition from the government, start-up community, regulator and has the potential to be a major disruptor in the way traditional auditing is being done in the $200 billion audit industry.