Bank Statements, An Underutilized Asset

"Bank Statements are a gold mine for financial evidence" - Greg Hayes, Federal Equity Receiver

When audits go sideways and the Forensic Accountants, Trustees, and Receivers are called in, techniques like random sampling and confirmations are not enough.  To get comfortable with client data in a distressed situation, professionals often resort to recreating the books from evidence. In these high stakes scenarios, tens of thousands of dollars are paid to low skilled labor to transcribe data from bank statements. Thought leading firms invest in OCR software in an attempt to reduce hourly costs. However, it is well known that OCR is imperfect and work hours shift to error correction and statement reconciliation.

We provide solutions that recognize and extract financial evidence from documents eliminate these shortcomings and provide 100% accurate (every statement reconciled to the penny) transaction databases. The only required work is posting PDF statements.

These transaction databases created directly from evidence are extremely valuable in distressed situations, but if an auditor could have access to the same data without adding any additional time to an audit engagement, they could use the massive increase in evidence to increase audit quality. Software, and the productivity advantages provides the opportunity for auditors to employ forensic level scrutiny for any client engagement.