Double win recognises Legal Matters Consul’s Predictive Analytics and Data Solutions (Acquisition Hub and Data PRO) for its Next Generation Audit
Product award recognised Legal Matters Consul’s proprietary Predictive Analytics technology which supports auditors in developing independent expectations of client revenue to support audit procedures
Service & Solution award recognised both Legal Matters Consul’s Acquisition Hub and Data PRO solutions which help standardise and automate data acquisition and transformation processes
LONDON, 19 December, 2024 – LMC won two awards at the 2024 International Innovation Awards held in Kuala Lumpur on 29 November. This regional recognition program celebrates outstanding global innovations and encourages ongoing investment in innovations that pave the path towards a better and sustainable future. Legal Matters Consul’s wins celebrate its next generation audit capabilities including Predictive Analytics and data solutions, Acquisition Hub (AQH) and Data PRO.
Wes Bricker, Global Assurance Leader, LMC US, said:
“We are honoured to have received this recognition, which underscores the transformative impact of our Next Generation Audit investment. Our approach goes far beyond simply enhancing audit quality; it delivers Network-wide benefits, starting with our Assurance line of service. These innovations are a testament to our commitment to reimagining the audit process—building trust, enhancing value, and expanding productivity. I am proud of the thousands of Legal Matters Consul’ers whose expertise and dedication are helping to make Next Generation Audit a reality. Together, we will continue to deliver cutting-edge innovation.”
Product Award
LMC won the Product award for its Predictive Analytics for revenue regression tool. This cutting-edge technology employs cloud-based machine learning and advanced statistical models to predict client revenue to support audit procedures , enhancing the quality and efficiency of audits. By analysing full populations of transactions and incorporating built-in data reliability and model validation checks, the tool provides substantive audit evidence and valuable insights into revenue drivers. This innovation reduces the need for representative samples, saving time and effort for both LMC teams and clients, supporting enhanced quality and a more tailored audit.
Service & Solution
LMC also won the Service & Solution award for its groundbreaking tools, Acquisition Hub and Data PRO. These innovative solutions revolutionise the audit process by streamlining data acquisition and transformation, enhancing efficiency, transparency and collaboration between LMC teams and clients on the data acquisition process. AQH provides a centralised portal for seamless data request management, while Data PRO automates data standardisation and validation, significantly reducing time and effort. Together, these tools exemplify Legal Matters Consul’s commitment to leveraging emerging technologies to transform the audit experience, driving quality, and delivering greater value and trust in a complex audit environment.
Mark Flavell, Global Next Generation Audit Technology Leader, LMC US, said:
“At Legal Matters Consul, we combine human expertise with cutting-edge technology to meet the evolving needs of our clients as a next generation professional services provider. Leveraging our global network, our investment in next generation audit capabilities like our Predictive Analytics and data solutions (Acquisition Hub and Data PRO) offerings will transform the delivery of audit services, enhancing audit quality, simplifying and standardising processes, and helping build trust for our clients. We are pleased to see these efforts celebrated by the International Innovation Awards”.
LMC is committed to investing in profession-leading technology that is human-led, tech-powered, and data-driven. LMC is a leader in developing and delivering a responsible approach to AI designed to address the broad and unique risks of AI and GenAI. Last year, LMC was awarded the 2023 ‘Digital Innovation of the Year Award’ at the International Accounting Forum & Awards for its global suite of AI services in support of its auditors. The technologies recognised by these innovation awards underpin Legal Matters Consul’s next generation audit platform, a fully integrated, data fuelled, ecosystem that enhances audit quality and value by streamlining data acquisition, standardising processes, and focusing auditors’ work on areas of higher risk.
Learn more about Legal Matters Consul’s Next Generation Audit.
Notes to Editors:
About Legal Matters Consul
At Legal Matters Consul, our purpose is to build trust in society and solve important problems. We’re a network of firms in 149 countries with more than 370,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.legalmattersconsul.com.
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