Midshipai

What is Midshipai?

Midshipai is an innovative AI tool designed to autonomously perform SOX (Sarbanes-Oxley Act) testing and beyond. This tool is built to streamline the audit process by following established audit plans, executing tests, and generating fully documented work papers^[3]. Leveraging advanced AI technology, Midshipai can automate over 85% of SOX controls, thereby enhancing audit efficiency and accuracy. With its capability to analyze Risk Control Matrices^[2] (RCM) and identify controls ready for automation, Midshipai significantly reduces the workload for auditors, allowing them to focus on high-judgment tasks instead of routine processes. Additionally, Midshipai supports various audit types, including ITGC (Information Technology General Controls) and manual financial reviews, making it a versatile solution for public companies seeking to optimize their audit practices.

How to use Midshipai?

1. Set Up Your Audit Plan: Begin by defining your audit plan and the specific controls you wish to automate. You can select controls from your existing SOX program.
2. Upload Control Evidence: Use Midshipai to upload your control evidence documents. The AI will parse and classify these documents, matching them to the relevant samples needed for testing.
3. Run Tests: Initiate the testing process. Midshipai’s AI agents will autonomously execute the tests as per your audit procedures, extracting support and documenting every step.
4. Review Work Papers: Once testing is complete, review the generated work papers. Midshipai allows you to use its templates or your own formats, ensuring every conclusion is backed by viewable links to documentary evidence.
5. Integrate with Excel: Utilize Midshipai’s Excel Add-in to directly review support from within your spreadsheets, enhancing your workflow and efficiency.

What are the main features of Midshipai?

• Automated SOX Testing^[1]: Midshipai automates over 85% of SOX controls, significantly reducing manual effort.
• Comprehensive Work Papers: The tool generates fully documented work papers with traceability to source documents.
• Integration with Excel: Users can review audit support directly within Excel, enhancing usability and familiarity.
• Customizable Templates^[4]: Midshipai allows users to utilize its work paper templates or upload their own formats for flexibility.
• Security Compliance^[5]: Midshipai is SOC 2 Type 2 compliant, ensuring high standards for data security and integrity.

Who is Midshipai for?

Midshipai is primarily designed for public companies and audit firms that require efficient and reliable SOX compliance testing. It caters to auditors looking to enhance their productivity by automating repetitive tasks associated with SOX controls. Additionally, financial professionals involved in risk management and compliance will find Midshipai beneficial for streamlining their audit processes. The tool is ideal for organizations aiming to reduce co-sourcing costs while maintaining high-quality audit standards.

What are the use cases of Midshipai?

1. Automating SOX Controls: Companies can automate specific controls from their SOX programs to save time and improve accuracy in compliance testing.
2. Enhancing Audit Efficiency: By using Midshipai, auditors can focus on high-judgment tasks rather than routine documentation, thus increasing overall audit efficiency.
3. Cost Reduction in Auditing: Organizations can replace costly external consultants with Midshipai, achieving significant cost savings while ensuring quality audits.