Inflo Treasury provides a secure, effective, and cost-efficient method for auditors to complete the bank confirmation process, while also providing valuable analytics on banking transactions.
What will Inflo Treasury mean for firm audits? It impacts four key areas:
1. Confirming balances
Inflo can connect via API directly to the bank’s underlying records. Rather than a Confirmation process which is prone to human error, costly and inefficient, the balance at any given date can be obtained from the bank in a matter of seconds.
2. Analysing trends
Inflo obtains the closing balance at the end of every day between the start of the audited period and the date of the connection. It will show visual trends (monthly or daily) which can highlight risks (e.g., going concern or fraud), and also support with substantive testing (e.g., unrecorded liabilities).
3. Analysing transactions
Beyond just looking at daily balances, Inflo also obtains 100% of the transactions and provides analysis of those transactions and delivers more than the basics of searching through very high-value transactions. Inflo can pull information based on keywords, unusual amounts, or unusual posting dates.
4. Tracing to bank
Inflo is currently exploring the matching of the General Ledger information to the Bank transactions collected in Inflo Treasury. This will allow Inflo to provide an audit firm with potential exceptions where the two data sources are not aligned.
Where full tracing is not effective (due to how the audited entity manages their General Ledger records), Inflo can still support testing through its analytics modules. Clients can indicate which bank transaction was relevant to the transaction being tested, making the information impossible to manipulate from an Information Prepared by the Entity (IPE) perspective.
Our Partnership with Plaid
We’ve partnered with Plaid, the leader in open banking integrations, enabling us to securely extract your client’s bank account information, point-in-time balances, and transactional detail directly from their banking platform into Inflo.• Plaid supports over 11,000 financial institutions around the world.• Plaid is SOC2 certified and a registered Account Information Service Provider (AISP)• Plaid works with over 5,000 fintech partners.
What can you do with Inflo Treasury?
You’ll be able to:
Inflo Treasury is currently only available in the following locations: United Kingdom, United States, Ireland, Canada, Spain, Germany, France, Italy, Netherlands.