How Auditeo reduced transaction testing time by over 50%

Audit firm uses Caseware Extractly and Validate to cut hours out of expense testing and financial statement reviews

Challenge Auditeo was limited by paper-heavy and manual processes that restricted efficiency and collaboration.

Solution The firm adopted Caseware Extractly and Caseware Validate to speed up transaction testing and financial statement reviews.

Result Auditeo reduced transaction testing time by over 50%, freeing up hours for more valuable tasks.

“We reviewed timesheets before and after using Extractly and the difference was dramatic. It saved us hours per engagement.”
Didarul Khan, Director, Auditeo

Company Profile

Auditeo, based in Sydney, Australia, is an audit firm founded by Didarul Khan in 2020. With nearly two decades of experience in the field, Khan set out to create a modern approach to auditing, focusing on efficiency, transparency and innovation. Today, Auditeo is a team of nine, providing a full suite of assurance services to clients ranging from $10 million to $500 million in revenue.

Challenge

When Auditeo first opened its doors, Khan knew that time-consuming transaction testing was a major challenge for his team. The process was manually intensive, requiring junior staff to transcribe data from invoices and other documents into audit workpapers. The data typically came from PDFs and poor-quality images, often resulting in errors during the verification process.

The process was not only slow but also prone to mistakes. Senior reviewers frequently questioned the accuracy of the matches, leading to delays and rework. Khan was looking for a cost-effective solution that would save time and improve accuracy, especially considering the firm’s size and budget.

That’s when he discovered Caseware Extractly, an AI-powered tool that could automate much of the time-consuming transaction testing work. And, to further streamline their processes, the firm added Caseware Validate to accelerate the financial statement review process.

Solution

Caseware Extractly and Caseware Validate together formed the perfect solution for Auditeo’s workflow challenges.

Caseware Extractly uses AI-driven automation to extract and organize data from structured and unstructured documents, such as PDFs, scanned images, and handwritten files, directly into Excel. This made it easy to convert bank statements, invoices and ledgers into clean, audit-ready formats. It also streamlined the matching procedures, validating amounts and supplier names against accounting records within seconds. This automation dramatically reduced time spent on transaction testing and ensured greater accuracy.

Caseware Validate complemented Extractly by transforming the financial statement review process. Auditors previously spent hours manually reviewing large financial reports, but with Validate, the review process became incredibly fast and efficient. This tool enables teams to quickly analyze Microsoft Word-based financial reports, saving considerable time and reducing the risk of errors.

The ease of onboarding and intuitive design meant Auditeo’s team adapted quickly to both tools, and Caseware’s responsive support ensured a smooth transition.

Results

The results were immediate and significant. Within just a few months of adopting Caseware Extractly and Caseware Validate, Auditeo reduced transaction testing time by over 50%, freeing up hours for more valuable tasks.

“We reviewed timesheets before and after using Extractly and the difference was dramatic,” said Khan. “It saved us hours per engagement.”

Additionally, the accuracy and consistency of audit evidence greatly improved as a result of fewer manual data entry errors. This allowed junior staff to focus on higher-value tasks, such as conducting more thorough risk assessments and reviewing balance sheets.

Caseware Validate also had a major impact on the firm’s efficiency. Previously, reviewing large financial reports could take four to five hours. Now, with Validate, this process is completed in just 10 minutes.

“When we audited some listed companies and received financial reports in Word format, it would take hours to review them manually. Now, with Validate, we save a huge amount of time,” Khan said.

The Future

Looking ahead, Khan sees Caseware Extractly and Caseware Validate as game-changers for small to mid-sized audit firms, especially those dealing with large volumes of invoice and expense testing, as well as complex financial statement reviews. However, he also acknowledges that the biggest barrier to adoption isn’t technology—it’s the mindset of some auditors.

“The biggest challenge isn’t the technology. It’s getting people to embrace it,” Khan shared. “Many auditors are still hesitant to change. But once they see how much time Extractly and Validate save, it becomes an easy decision.”

For firms struggling with capacity issues, Khan recommends giving these tools a try. “They pay for themselves quickly,” he added. “If you show someone how much time they can save on each job, it’s an obvious choice.”

Conclusion

Auditeo’s success with Caseware Extractly and Caseware Validate is a powerful example of how modern audit technology can transform a firm’s efficiency and accuracy. By automating routine tasks like transaction testing and financial statement review, Auditeo has freed up valuable time for higher-level analysis, improved audit quality and enhanced client satisfaction. For firms of Auditeo’s size, these tools have made a tremendous difference, and Khan wouldn’t consider using anything else.