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Data security in the digital age

Data is one of the most valuable assets a business has at its disposal, encompassing anything from business transactions to valuable consumer information. Using data effectively will positively affect everything from decision-making to marketing and sales strength. This makes it critical for businesses to take information safety seriously and ensure that necessary safeguards are in […]
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Made by auditors, for auditors

Engine B’s approach to audit tech In the previous two blogs in this series, Engine B’s Franki Hackett explores the reasons why audit needs to modernise, and why Common Data Models (CDMs) and Knowledge Graphs (KGs) are such powerful tools for audit. In her latest article, Franki digs deeper into Engine B’s approach to audit […]
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Arming accountants with fraud detection software in the war on corporate crime

This week, the Institute of Chartered Accountants for England and Wales (ICAEW) published an article championing the role of both accountants and AI technology in the war against economic crime. It’s no secret that the audit sector has been rocked with financial scandals recently. And, today, on Thursday, March the 18th 2021, the much-anticipated whitepaper […]
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Tech-driven audit: Knowledge Graphs and the Audit CDM

Audit quality powered by the Audit Common Data Model and Knowledge Graphs This is the second of a three-part series by Engine B’s Head of Audit and Ethics, Franki Hackett, examining the different ways in which technology is improving audit quality. In her latest article, Franki explores how Common Data Models and Knowledge Graphs offer […]
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74% of auditors confirm data access as blocker to digitisation    

Unlocking access to client data with audit technology solutions In a recent LinkedIn poll, we asked auditors “How much of a barrier is access to client data to the digitisation to audit?”. The answer was pretty resounding with 74% of auditors confirming data access to be a significant blocker to transformation. An unsurprising result? This […]
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Engine B technology tackles FRC Audit Quality Review

Addressing the FRC’s audit quality review with technology No-one could deny that 2020 was a turbulent and disruptive year for the audit sector. The audit sector went on trial both figuratively and physically with strong evidence continuing to stack up against the industry in the shape of widely publicised accounting scandals of company’s such as […]
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Technology-driven audit: The new era of data extraction

In this article, Engine B’s Head of Audit and Ethics, Franki Hackett, explains why quality data and data extraction tools are the key to executing an effective digital audit. It’s been clear that getting good quality, well-organised data has been the main barrier to unleashing technology-driven audit for some time. Firms have tried building their […]
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Microsoft and Engine B: Open-Source Common Data Models

“If everyone is moving forward together, then success takes care of itself.”  -Henry Ford Many industries face the same data challenges. Far too often we tackle these challenges alone, choosing to create siloed solutions to shared problems rather than opting for a more collaborative approach. But why? When we work collaboratively, not only do we […]
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How AI-driven fraud detection tools lend themselves to the new audit reform

Today’s article in the Financial Times ‘UK directors face new liability demands under major audit reform’ (February 5th, 2021), is yet another headline contributing to calls for a major shake up of the audit industry and puts further pressure on UK Directors to be personally liable for the accuracy of their company’s financial statements. The […]
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8 key benefits of Knowledge Graphs

Despite having been around since the 1980s, Knowledge Graphs have become something of a buzzword of late. With an influx of Knowledge Graph conferences in recent years and businesses like eBay and Air BnB publicising their use, it’s no surprise that everyone is talking about them and their ability to transform corporate practices. But, what […]
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Behind the scenes: An internship with Engine B

As part of Engine B’s #BehindTheScenes series, we’re taking a sneak peak into the daily lives of the Engine B team. Before starting her internship with Engine B, London born and bred, Bjeshka Hashani (22), graduated last year from the London School of Economics with a degree in Mathematics with Economics. Today we interview Bjeshka […]
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What makes a successful Common Data Model?

It’s estimated that between thirty to forty percent of an auditor’s time is spent interrogating, extracting and analysing data. Bringing together data from multiple systems and applications is an expensive and time-consuming task and without being able to share and understand the same data easily, each application or data integration project requires a custom implementation. These are just some of the reasons […]
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What does the future of audit look like in 2021?

The future of audit – what next? It’s safe to say most people will be pleased to see the back of 2020. A year that will undoubtedly go down in the history books as one of the deadliest and most challenging years in modern history. In the business world, no industry remained untouched by the […]
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Anomaly Detection for Professional Services

Understanding anomaly detection for Professional Services Over the past few decades, we have witnessed the exponential rise of Machine Learning (ML), the introduction of Deep Learning Techniques and the dramatic improvement in the analytical capabilities of software. The advancements made in these technologies are now enabling better anomaly detection and subsequently unlocking new opportunities for […]
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The key differences between structured and unstructured data

The key differences between structured and unstructured data According to Gartner, an estimated 20 percent of today’s data is structured, while the remaining 80 percent is unstructured. At Engine B, the Industry Common Data Models and Knowledge Graphs we are developing are unique in that they enable the interrogation and analysis of both structured and […]
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What is the value of the Audit Common Data Model?

What is the value of the Audit Common Data Model? Working with partners such as Microsoft, thirteen audit firms, academic institutions and supported by the Institute of Chartered Accountants in England and Wales (ICAEW), Engine B has created a new standard for the data that auditors can use ensuring completeness and accuracy – an Audit […]
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Women in tech – what should I know?

Women in tech – what should I know? As PwC revealed in their 2017 report, ‘Women in Tech; Time to close the gender gap‘, only 23% of people working in STEM roles in the UK were female, and a measly 5% of leadership positions in the technology industry were occupied by women. Unfortunately, three years […]
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Deriving knowledge from Knowledge Graphs

Deriving knowledge from Knowledge Graphs The only true wisdom is in knowing you know nothing. -Socrates The word ‘knowledge’ is a word used so often in our daily lives, without a universally accepted conceptual reference. The terms, ‘data and information’ and ‘information and knowledge’, are often used synonymously. However, as argued by Min Chen and […]
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Audit ethics and technology – what is it?

Audit ethics The role of technology in audit The audit profession is beginning to get to grips with the practical implications of new technology. According to Sage, 58% of accountancy professionals are expecting to automate some tasks using Artificial Intelligence (AI) within the next three years. And where the rest of the profession leads, audit […]
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What is a Common Data Model?

What is a Common Data Model? Many of today’s organisations have numerous applications and systems that all perform different functions. From Enterprise Resource Planning (ERP) systems to Customer Relationship Management (CRM) applications, and accounting systems – typically these systems exist in silos. In addition to siloed systems, organisations usually have spreadsheets, emails and other documents. […]
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12 lessons learned from 1 year in business

Engine B – 1 year in business Regulation is a driver for innovation In the world of audit, regulators are pushing to open the market to greater competition to increase the quality of services. These regulatory drivers mean the audit industry must change to provide digitised services to clients. These regulations have been a key […]
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