Inflo Treasury - Bringing Open Banking into the Digital Audit

September 16, 2022
July 15, 2021

Inflo Treasury is changing the bank confirmation process.

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.

Inflo Treasury

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?

Inflo Treasury Icon - Colour

You’ll be able to:

  • Instantly confirm account balances
  • Reduce the risk of human error (engagement team can’t ask for confirm at the wrong date, and the bank can’t input the wrong balance)
  • Create efficiency for end clients by spending less time and effort gathering supporting documentation
  • Have automated transaction analytics that allows you to review 100% of cash transactions using various visualizations,
  • Digitize and standardize transaction information, making it more accessible and easily searchable and removing the need to manually search through paper bank statements or PDFs
  • Review monthly and daily trends and balances to understand the nature of the entity’s cash flow
  • Improve fraud identification by pinpointing unusual transactions
  • And more!

Inflo Treasury is currently only available in the following locations: United Kingdom, United States, Ireland, Canada, Spain, Germany, France, Italy, Netherlands.

Find out today what we can do for you!