Chicago- (Business Wire) – Grant Torton LLP has been awarded a patent by the United States Patent and Trademark Office for innovations related to the company’s proprietary Full Leather Analysis Systems.
Grant Thornton created this system to significantly improve overall financial analysis by assessing the risks associated with each financial report transaction. The company began developing full-length analytics four years ago, including most auditors. This approach not only provides continuous improvement in audit quality and efficiency, but also provides customers with unparalleled insights.
Full-time analytics Grant Thornton auditors can easily and efficiently analyze a customer’s financial reporting activity and identify high-risk transactions, human error, and reporting trends. It also identifies process optimization opportunities such as automating manual traffic and speeding up time-out.
Copyright – U.S. Patent No. 11,132,698 (“System and Method for the General Legal Flag”) – Observes and knows the company’s analytical techniques to indicate entries in the Company’s general register. These techniques look beyond dollar size and descriptions by calculating transaction risk outcomes, analyzing digital and textual trends, and comparing the frequency and nature of the company’s use over time. In particular, techniques look at trades, the relationships between the trades, and the terms used to describe the business history.
“In general, general Legger analytics allows auditors to perform better and more robust general record analysis, taking into account dozens of different risk factors at once,” said Brian Wollohan, head of audit innovation at Grant Thornton. . Our pioneering approach to innovation continues to provide our clients with superior audit quality and better insights into their organization, and this innovation exemplifies that.
As stated in the patent, General Ledger Analytics takes a number of unique approaches to general registry analytics;
- Marketing result – A method of calculating the combined risk score for each transaction based on the presence or absence of 38 score indicators.
- Account combinations – A unique combination of individual registrant tags to visualize the maximum account designs, identify levels based on potential hazards, and highlight popular combinations.
- Digital and textual analysis – An approach that analyzes transaction sizes and descriptions by evaluating the use of numbers and letters to identify unexpected or unusual activity.
- Benchmarking – A method of comparing more than 200 criteria around financial processes, including cost, size, and timing of entries.
One year of patents and awards
Grant Thornton, in addition to the patent for leadger analytics, also developed the company’s control-testing automation app, cta.x. The app allows you to quickly develop, deploy, and execute automated internal control tests and comply with rules and regulations such as Sarban-Oxley.
These two patent awards follow a strong showing at the 19th annual U.S. Business Awards® Grant Thorton takes home five Stevens® For leadership awards and for working in a creative and positive environment.
“These patents and awards are a direct result of our commitment to innovative technology and innovation,” said Chris Stefensen, national manager and Grant Torton’s creative leader. “We are proud of the results of our thinking – Full Legal Analysis and cta.x are bringing incredible benefits to our customers and helping Grant Torton grow the accounting and consulting industry.
For more information on Whole Ledger Analytics, visit www.grantthornton.com/auditinnovation.
About Grant Thornton LLP
A.D. Founded in 1924 in Chicago, Grant Thornton LLC (Grant Thornton) is a member of Grant Thornton International Limited, a US-based independent audit, tax and consulting firm. Grant Thornton, with $ 1.97 billion in revenue and operating more than 50 offices, works with a number of dynamic and publicly owned companies, government agencies, financial institutions, civic and religious organizations.
Grant Thornton stands for Grant Thornton International Limited (GTIL), a US-based Grant Thornton LLC. GTIL and its affiliates are not international partners. Services are provided by member organizations. GTIL and its member organizations are not affiliated with each other, are not bound by each other and are not responsible for any other actions or omissions. Please see granthornton.com for more details.