Autire, the accounting industry’s only end-to-end, fully automated SaaS platform for Employee Benefit Plan (EBP) auditing, has unveiled its groundbreaking Automated Risk Assessment feature, providing the highest levels of confidence in 401(k) audit compliance. As the first solution in the marketplace capable of automatically calculating risk as a byproduct of performing standards-based audit procedures, Autire drastically reduces compliance risks for CPA firms performing 401(k) audits.
Autire’s Automated Risk Assessment addresses the significant compliance burden placed on CPA firms auditing employee benefit plans, where even minor errors can lead to severe penalties or jeopardize licensure. With Autire, risk assessment and the response to risk documentation are fully automated, giving stakeholders a fast, accessible way to support auditor judgments. By eliminating the need for time-intensive, manual documentation, Autire provides an unparalleled level of transparency and traceability, ensuring that every risk and response is documented, cross-referenced, and easily retrievable.
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“Autire’s Automated Risk Assessment is a game-changer for CPA firms conducting 401(k) audits,” said Brian Price, CEO of Autire. “By removing the manual elements of risk assessment, we help CPA firms ensure compliance while freeing them to focus on higher-value tasks. This technology is the first of its kind, bringing much-needed accuracy, confidence, and efficiency to the audit process.”
Autire’s innovative risk assessment is fully automated in accordance with SAS No. 145. Its capabilities include:
- Automated Risk Calculation: Automatically calculated as a byproduct of activities performed to meet auditing standards.
- Integrated Management and Governance Questions: Built-in questions feed directly into the risk assessment.
- Process Questionnaire for Controls Documentation: Quickly documents controls and walkthroughs, consistent with user entity controls relevant to the SOC report.
- Automatic SOC Assessment Integration: SOC assessments are factored into the risk assessment, supporting reliance on SOC auditor work.
- Automated Preliminary Analytics and Conclusions: Provides quick preliminary analytics and conclusions.
- Response to Risk: Automatically documented by attribute and assertion, referenced to audit substantive procedures.
As the only audit tool offering fully automated risk assessment, Autire is designed to simplify and improve the EBP auditing process, transforming it from a time-consuming task into a streamlined, highly accurate process. By empowering CPA firms to perform more audits in less time, Autire continues to lead the accounting industry in compliance innovation for 401(k) audits.
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