Automated search saves valuable time
Combining human intelligence with artificial intelligence significantly reduced the burden on our client in solving a tax issue.
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Scenario
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Approach
- Result
A tax issue related to a newly acquired subsidiary was identified during the audit. This required consideration of a specific class of transactions through examination of decades of filings and board minutes. Through a traditional approach, this would have taken hundreds of hours over a period of several weeks.
Grant Thornton reviewed all the filings and board minutes using a combination of AI and natural language processing. This method was more transparent and of a higher quality than if the task had been tackled by a team of auditors.
A key differentiator in Grant Thornton’s method was the incorporation of subject matter specialists to the innovative approach. A data science professional worked with the tax specialist and engagement team to map out the circumstances, incorporate known examples and brainstorm on what variations might look like.
The team used this process to develop a rules engine to maximize the use of the engagement team’s knowledge.
Combining human and artificial intelligence enabled a complete review of decades of filings and board minutes to be completed in less than two days.
This saved hundreds of hours of manual effort while providing the information that was needed to obtain a complete understanding of the matter under consideration.
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Janet L. Malzone
CEO, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Janet Malzone is the CEO of Grant Thornton LLP and a principal at Grant Thornton Advisors LLC. She is also a member of the Executive Committee at Grant Thornton Advisors LLC.
Chicago, Illinois
Industries
- Manufacturing, Transportation & Distribution
- Transportation & distribution
- Technology, media & telecommunications
Service Experience
- Audit & Assurance
Robert Fox
National Managing Partner, Audit Innovative Growth Solutions and IT Audit
Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Bert Fox is the national managing partner Professional Standards.
Chicago, Illinois
Industries
- Construction & real estate
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
- Transportation & distribution
- Retail & consumer brands
Service Experience
- Audit & Assurance
Brian Wolohan
Partner in Charge of Audit Innovation
Partner, Audit Services, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Brian is a Partner in the National Professional Standards Group, where he leads the firm’s Audit Innovation group and works with the Audit Methodology to enhance the quality and efficiency of our audit execution by applying data analytics, automation and artificial intelligence.
Arlington, Virginia
Industries
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
Service Experience
- Advisory
- Restructuring and turnaround
- Valuation
- Accounting advisory
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This Grant Thornton LLP content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton LLP. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.
For additional information on topics covered in this content, contact a Grant Thornton LLP professional.
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