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Menzies has selected Platformed, an AI-powered third-party risk management (TPRM) software provider, to standardise its IT audit process for statutory financial audits.
The firm began using Platformed to support ISA 315 assessments as part of statutory audits for clients, and is considering offering additional IT audit services to its clients across multiple frameworks in the future.
Platformed’s IT Audit offering has been developed to enable audit firms to meet the increasing IT audit requirements of ISA 315 and other frameworks with efficiency and precision. Platformed’s AI system discovers risks and assesses control compliance by mapping the client’s data and context, performing a preliminary assessment automatically.
Auditors can review these insights, make necessary adjustments, and request additional data from clients when required, using collaborative workflow features. Reports generated by Platformed are easily integrated into auditors’ existing templates, while detailed evidence packs ensure comprehensive record-keeping for case management systems.
Tom Woods, partner and head of audit at Menzies, 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.”
Henry Irish, founder and CEO of Platformed, added: “Both Menzies and its clients operate in industries that place a huge emphasis on trust and transparency, and audits are an integral part of maintaining that trust.
“Platformed’s technology allows Menzies to unlock higher value-add services that result in its clients being more compliant, secure, and successful. We look forward to supporting Menzies as it expands its audit services.”
