CoCounsel Audit
Optimize audit workflows with advanced document management and compliance tools
See it in action
Meet CoCounsel Audit
How will CoCounsel Audit transform your workflows?
Consistency at scale
It standardizes the completion and review of audit work, reducing review cycles and eliminating inconsistencies. As an AI audit tool, it ensures that all team members follow the same procedures, maintaining high standards for all auditors.
Automation that actually delivers
It automates audit-ready tasks, such as analyzing trial balances, summarizing PDFs, and preparing risk assessments. This automation frees the team from repetitive tasks, allowing them to focus on more strategic activities.
Trustworthy, verifiable outputs
Every answer provided by CoCounsel Audit comes with plain-language explanations and citations from trusted sources, ensuring that the outputs are easily verifiable and defensible.
Capabilities
Efficiently manage audit tasks with CoCounsel Audit
- Knowledge hub
- Task automation
- Staff development
- Team collaboration
Experience end-to-end knowledge integration
- Connect internal audit methodologies, firm templates, policies, and workpapers into a single, searchable workspace.
- Centralize knowledge, making it easier to find and share critical information.
- Streamline research and collaboration, ensuring all team members have access to the same tools and information.
Leverage AI designed for real audit workflows
- Ask complex questions about your documents and receive nuanced answers without missing a detail using CoCounsel.
- Review SOC 1 reports and evaluate 401(k) plans and related documents.
- Guide users through firm-approved processes, ensuring compliance and consistency.
Support staff growth and retention
- Compare documents, identify non-compliant language, and create timelines with patented AI applications.
- Reduce the burden of mundane tasks by automating the review of revenue contracts for ASC 606 compliance.
- Provide advanced tools and resources for training and development, enhancing job satisfaction and retention.
Facilitate remote work with integration to existing audit tools
- Intelligently search entire databases and receive tailored summaries of lengthy documents.
- Analyze lease requirements under ASC 842 and summarize essential information from client documents.
- Enhance collaboration through a centralized, intelligent workspace — supporting seamless integration with existing audit processes.
Automate complex tasks into audit-ready work
Use cases
Centralize your audit process into one platform
Draft and review documents
Transform audit preparation with AI-powered document drafting and review. Analyze risks, prepare trial balances, and review financial documents with precision and efficiency.
Ensure compliance and quality in audit processes
Elevate audit excellence with compliance checks and quality controls. Ensure regulatory adherence, mitigate risks, and maintain uncompromising standards.
Discover how AI eases your audit workflows
Testimonials
Hear what tax professionals say about CoCounsel Audit
“CoCounsel is like my assistant or staff that actually understands accounting and tax language. You can ask it complex technical questions in just plain English and it will give you a very clear citation-backed answer, often with the relevant ASC guidance on the right side. It's pretty fast, consistent, and it helps you to solve problems while learning along the way.”
Carson Chen
Senior Audit Manager at Sensiba
News
Learn about the latest developments in tax law and technology with CoCounsel Audit
Hutchinson and Bloodgood LLP embraces AI-powered workflow with Thomson Reuters advanced audit solutions
Hutchinson and Bloodgood LLP has partnered with Thomson Reuters to implement CoCounsel and Cloud Audit Suite, enhancing their audit workflow with advanced AI capabilities and improving overall efficiency.
Thomson Reuters ushers in the next era of AI with launch of agentic intelligence
Thomson Reuters launches agentic AI with CoCounsel, automating complex tasks in tax, audit, and accounting. It integrates firm knowledge, ensures transparency, and reduces workflow time.
Frequently asked questions
CoCounsel Audit leverages artificial intelligence to streamline and enhance your audit processes. Here are some key ways to use AI for audits:
- Tailored answers. Get precise, authoritative responses to technical audit questions.
- Document summarization. Automatically compile and summarize essential information from client documents.
- Scenario analysis. Analyze complex client scenarios for actionable insights.
- Research and compliance. Conduct efficient audit and accounting research and review public company disclosures and accounting policies.
- Agreement analysis. Examine specific agreements, such as leases, revenue recognition, and warrants for compliance and accuracy.
- Consistency and efficiency. Ensure tasks are handled consistently with automated insights, reducing manual intervention.
- Lease agreement evaluation. Instantly review lease agreements, extract key terms, and flag potential issues.
- Variable consideration clauses. Identify and evaluate variable consideration clauses in SaaS contracts, highlighting specific clauses and ensuring compliance with ASC 606.
CoCounsel improves audit engagements by providing verifiable outputs and streamlining real audit workflows. It automates repetitive tasks, such as analyzing trial balances, summarizing PDFs, and preparing risk assessments, allowing auditors to focus on higher-value activities and complex judgment calls. CoCounsel ensures consistency and reduces review cycles while integrating seamlessly with Excel and PDFs to support firm-approved processes and compliance with accounting standards like ASC 842 and ASC 606.
Yes, CoCounsel can assist with audit planning by providing relevant regulatory guidance, historical data, and best practices. It can also help in risk assessment by analyzing financial statements and identifying potential areas of concern.
Yes, CoCounsel includes features for creating, organizing, and managing audit workpapers. It can automate the process of generating workpapers, ensuring they are accurate and compliant with regulatory standards.
We’ve designed CoCounsel Audit with robust security measures to protect data, including being cloud-native and supporting remote workflows while ensuring data protection. For accuracy, it provides trustworthy, verifiable answers with plain-language explanations and citations from trusted sources such as Checkpoint, PCAOB, SEC, firm templates, and audit methodologies. It integrates firm knowledge and supports real audit workflows, ensuring compliance with firm methodology and regulatory frameworks.
Questions about CoCounsel Audit? We’re here to support you.
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