～Plan to accelerate product development for audit firms based on the feedback～
Genial Technology (https://www.genialtech.io/en/) and SohkenNichiei Audit Corporation executed a Memorandum of Understanding (MoU) on a framework for a Proof of Concept and information exchange regarding GenialAI.
SohkenNichiei Audit Corporation is incorporating technology into the audit to improve audit quality and streamline and automate its operations. The majority of audit workpapers are already prepared using PCs, and it aims to conduct audit projects with greater depth by creating a database of the workpapers. With the recent shift to digital transformation and the use of cloud-based online storage by clients, SohkenNichiei Audit Corporation is also considering expanding its services by deepening its IT utilization.
Genial Technology is established with a goal to provide a set of software solutions to automate audit procedures with technology. It has already developed Genial AI for Web, software to automate vouching procedures, and has demonstrated technical feasibility of the concept under certain conditions. Genial Technology is also developing, Genial AI, an Excel add-in to save the time required for vouching and workpaper review, in line with the needs of auditors in the field.
In this complementary relationship, SohkenNichiei Audit Corporation and Genial Technology have agreed on a framework to experimentally apply Genial AI for Web and Genial AI to audit practice and share feedback. The purpose of this arrangement is to promote the effort to improve efficiency in audit procedures with technology.
■GenialAI for Web
Genial AI for Web is a web application that automates document checks in accounting and back-office operations. It can read various documents using AI-OCR and automatically verify them against worksheet data, thereby streamlining the data entry and data verification processes with technology.
Genial AI is an Excel add-in under development that improves the efficiency of reconciliations by estimating related documents to each Excel record, and presenting where cells and documents semantically match. GenialAI can recognize documents, match with Excel data, and present to the user by linking each Excel row to the corresponding document.
■SohkenNichiei Audit Corporation Overview
By working to ensure that accounting functions soundly as the language of business, SohkenNichiei Audit Corporation contributes to the clients’ business development and the realization of a fair, trustworthy, and sound economic society.
- Firm name: SohkenNichiei Audit Corporation
- Established: May 1983
- Location: 3F Kisuke Nihonbashi-Muromachi Bldg., 4-4-3 Nihonbashi-Muromachi, Chuo-ku, Tokyo
- Chairman of the Board: Koichi Yamada
- URL: https://www.sohkennichiei.or.jp/
■Genial Technology Overview
Genial Technology develops and offers audit tool “Genial AI” series, with the mission of "AI for the more effective auditing" to reduce the burden on the auditors and allow them to focus on tasks that require human ingenuity and judgement.
- Company name: K.K. Genial Technology
- Established: July 2019
- Location: 3F Sunny Plaza Hiratsuka, 8-16 Beniya-cho, Hiratsuka, Kanagawa, Japan
- Representative: Aki Abekawa
- URL: https://www.genialtech.io/en/
※Genial Technology and GenialAI are registered trademarks of Genial Technology Corporation.
※Excel is a registered trademark of Microsoft Corporation.