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An important part of the overall audit in the future will be having the CPA in the flow, to be able to continuously analyze the nature of the data, the size, its characteristics and association with where the financial results are going. As part of that, users of data want it from a verified source and without any possibility of alteration.
Key trends are examined including, the growing need for authenticated information, exploding investment in fintech and the increasing complex regulatory environment for private businesses.
Clients want forward-thinking CPA firms that are staying on top of technology and being an early adopter of technology like RIVIO brings advantages.
Firms are bringing their clients into the information age and helping them interpret data. In the future, we can expect more from software, data analytics and changing staff skillset that provides services in different ways.
Users that have received information through the RIVIO platform will receive a notice that it has been recalled. This brings efficiency to the process, and the CPA firm doesn’t need to rely on their clients to recall information.
An explanation of what privity is and the importance of maintaining the privity defense for CPA firms. RIVIO provides a way for clients to share documents with third party users that remain anonymous to the CPA firms.
As technology becomes more sophisticated, there is more opportunity for fraud to occur by clients altering the financial statement after the CPA firm issues the audit report as well as the creation of fictitious reports.
With the RIVIO platform, users know they are viewing an unaltered set of financial statements that were uploaded by an appropriately licensed CPA firm that’s following professional requirements. Bob Harris of Rehmann and Erik Asgeirsson discuss the benefits for the user community.
CPA firms are now protected from their clients altering reports for their financial gain when using RIVIO.
Carolyn McNerney of BDO provides an explanation of what an audit involves and what differentiates it from the review, compilation and preparation.
A comparison of the old paper process involved in sharing an audited financial statement and some issues that can arise versus a more controlled, secure process of sending financial documents now available through RIVIO.
Anyone who has accessed a report can now be notified if it is recalled, without a firm breaking privity
RIVIO ensures users they are looking at the current version of the document.
RIVIO is designed with security at the forefront, undergoing numerous audits to ensure the highest level of security.
A brief overview of all of the benefits Firms receive when using RIVIO.
Security is a part of RIVIO’s DNA, due to the numerous internal and external reviews to ensure security.
RIVIO protects a CPA firms’ privity defense.
Firm Benefits
With RIVIO, only users who has been approved to view a restricted use report can see it in the system.
Firms can now maintain their privity defense and banks have confirmation the documents are from a valid CPA firm.
RIVIO is a compliment to a firm portal, not a replacement
Rich Miller, special counsel to AICPA, walks through the RIVIO Firm User Agreement
Bringing private company financial statement exchange to the 21st century.