May21135 Innovation in Business- Technology Innovator 2024 | 8 The CPA shortage is no longer a looming threat – it’s here. According to the AICPA’s 2021 Trends Report, accountants are leaving the profession in droves, leaving firms scrambling to keep up with their workload. The challenge is especially acute with 401(k) plan audits, which are crucial for safeguarding employees’ retirement funds but can take over 100 hours of labor. Even with that time commitment, results often fall short: the Department of Labor’s 2023 Audit Quality Study found that one in every three audits contained “unacceptable-major” deficiencies. These failures not only jeopardize the financial security of millions of employees, but also expose CPA firms to severe penalties and the potential loss of their licenses. In this landscape, CPA firms are desperate for a solution that can uphold high-quality standards while reducing workload. That solution is Autire. “Since Autire’s inception in 2017, we’ve been on a relentless journey of innovation. Having been a CPA for over 20 years and having performed hundreds of EBP audits, I recognized the inefficiencies and frustrations inherent in the traditional 401(k) audit process.” – Brian Price, CEO of Autire Autire has rapidly become the CPA industry’s only all-in-one, standards-based platform for EBP audits. Designed by CPAs for CPAs, Autire addresses staffing shortages and compliance risks by streamlining the traditionally inefficient audit process. Leveraging AI-driven automation, Autire can cut audit times by more than half while significantly reducing compliance risks. Historically, 401(k) audits have been a costly time drain. Autire changes that by allowing firms to conduct audits in less than half the time of a traditional, manual audit. This not only reduces labor costs but enables firms to handle more clients without increasing headcount. Autire also employs full-population testing, a revolutionary feature that examines every transaction instead of relying on traditional sample testing. This comprehensive approach ensures that errors, both systemic and non-systemic, are identified and corrected, drastically improving the quality of audits. “Autire’s full population testing is a game changer,” says Devendra Parkar, Autire’s CTO. “It allows auditors to examine every paycheck and transaction, which makes a massive difference in identifying errors that might otherwise go unnoticed. We’re not just making audits faster – we’re making them better.” As mentioned above, compliance risks in auditing employee benefit plans can lead to catastrophic consequences for CPA firms. With the Department of Labor increasing scrutiny and fines, the stakes have never been higher. But compliance is where Autire shines the brightest. With its automated, standards-based technology, Autire eliminates human error and ensures that audits comply with regulatory standards. Risk assessment, once a manual process that took an entire day, is now calculated instantly through Autire’s platform, reducing the risk of penalties and giving firms peace of mind. Moreover, unlike other tools that offer piecemeal solutions, Autire is the only fully automated, end-to-end EBP audit tool available. It handles everything from data collection to risk assessment and reporting, all while maintaining the highest standards of data security. By eliminating the need for multiple platforms, Autire reduces inefficiencies and ensures that sensitive data remains secure. Ultimately, Autire isn’t just a tool – it’s a vision for the future of auditing. “Our mission is simple,” Price explains. “We’re here to transform how audits are performed by streamlining operations, simplifying compliance, and eliminating tedious processes. We want to make auditing more efficient and more fulfilling for those who do it.” Looking ahead, Autire plans to expand its platform to audit all types of employee benefit plans, including 403(b) plans and Employee Stock Ownership Plans (ESOPs). It is also working on real-time auditing through direct payroll integration, ensuring that payroll data is tested instantly, further reducing the burden on firms. Autire Technologies’ journey is a testament to what happens when technology, innovation, and expertise converge. Autire is transforming 401(k) audits from a time-consuming, error-prone process into a streamlined, automated, and highly profitable business opportunity, making it a fitting winner of this award. Contact: Elizabeth Peichel Company: Autire Technologies Web Address: https://www.autire.com/ Best Audit Software Company 2024 - USA As the accounting industry faces an unprecedented shortage of CPAs and rising regulatory pressure, it finds itself at a pivotal moment. Enter Autire Technologies, a revolutionary all-in-one auditing platform that is transforming the way firms handle employee benefit plan (EBP) audits. Autire is not just keeping up with the rapid changes in accounting – it’s leading them, pushing the boundaries of efficiency, accuracy, and profitability for CPA firms grappling with the most timeconsuming and error-prone processes. Sep24445
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