INTUIT
Exploring the issues that shape today's business world.

Tech Pulse

Banks & Biometrics / Audit Automation / Meditating Apps / Digital Tax Foundation Summer 2016

Biometrics - online

Banks & Biometrics

With password security seeming increasingly feeble in the face of hackers and cybercriminals, more and more banks are turning to biometric technologies for security—think fingerprints, voice recognition, eye scans and face scans. Since cybercrime costs the global economy an estimated $450B a year, according to the Center for Strategic and International Studies, the rush to biometrics in the financial industry is no surprise, and definitely a trend to watch for both finance/accounting professionals and consumers.
[Source: Christian Science Monitor]


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Tax Foundation Goes Digital

The Tax Foundation has been printing its Facts & Figures publication since 1941, and now it’s bringing it into the digital age with new Apple and Android smartphone apps. The app platform will continue the print publication’s mission of delivering accurate data and a broader perspective of the challenges facing public finance today. It includes a variety of features that allow users to view tax rates and brackets for all 50 states, compare tax data with 39 different measures, see when Tax Freedom Day is for each state, compare states’ business tax climates, and much more.


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Meditate With Omvana

Summer not enough to help you unwind? Try the Omvana Meditation app. Available to iOS and Android users, Omvana has more than 500 tracks for meditation, focusing, relaxing, and even sleeping better. Have your doubts? It’s the number one meditation app in more than 30 countries, and it has a variety of other content to help you find the zen in all aspects of your life. Omvana can even help you break a bad habit with hypnosis!


Audit Automation Proves Its Worth

In today’s digital age, technology-enabled auditing tools and processes are making waves. When business research firm APQC examined the number of internal control violations per year per 1,000 employees at 70 companies, the top performers experienced 3.51 or fewer violations while the weakest were dealing with 34.23 violations or more annually. For a 10,000-employee company in the bottom quartile, that’s more than 340 controls violations.

So how are the top companies avoiding the same mistakes? APQC found that companies in the top quartile had automated at least half of their primary audit controls compared to only about 12 percent or less for those in the bottom quartile. In other words, more automation means fewer violations. Subsequently, companies and large audit firms are investing heavily in internal audit automation, advanced data analytics and artificial intelligence technologies that can be customized to crawl through enormous volumes of data and learn to identify outliers, recurring patterns and audit risks.