An intelligent platform for recommending financial advice to a user and a method for recommending thereof

Abstract

There is disclosed an intelligent platform for recommending financial advice to a user. The intelligent platform comprises a data collection module configured to gather real-time data from various financial streams, while a database arrangement stores audit standards and other professional guidelines associated with these streams. A processing arrangement characterizes audit standards and other professional guidelines into a unified unit and connects financial streams accordingly. An Al module analyzes data using this unified unit, creating personalized queries for gathering user-specific information and generating personalized insights. The Al module leverages real-time data and user input to provide insights into financial and audit processes. A document generator creates reports based on data analysis, and a display arrangement presents these reports to users, offering tailored financial recommendations.

Description

[0001] AN INTELLIGENT PLATFORM FOR RECOMMENDING FINANCIAL ADVICE TO A USER AND A METHOD FOR RECOMMENDING THEREOF

[0002] RELATED APPLICATIONS

[0003] This application claims the benefit of priority under 35 USC §119(e) of U.S. Patent Application No. 18 / 817,234 filed August 28, 2024, the contents of which are incorporated herein by reference in their entirety.

[0004] FIELD OF INVENTION

[0005] In general, the present invention relates to an intelligent platform and a method for recommending financial advice to a user. In particular, the present disclosure relates to an intelligent platform for recommending financial advice to a user, using a custom data collection process and analyzing the collected data via an Al module. Furthermore, the present disclosure also relates to a method for recommending financial advice to a user using a custom data collection process.

[0006] BACKGROUND OF THE INVENTION

[0007] In the current landscape of financial advisory services, various technologies facilitate the provision of financial advice to users. Financial institutions and independent advisory platforms utilize software systems that integrate with banking services, investment accounts, and credit monitoring tools to gather comprehensive financial data about users.

[0008] The financial services industry today is technologically advanced, for example, there are applications of investment recommendations, credit monitoring tools gather comprehensive financial data about users, systems employ algorithms to assess risk tolerance, predict future financial scenarios, and suggest optimal investment strategies. There are platforms that provide automated financial planning and so forth. On the other hand, the world of accounting, auditing and financial management lags behind. Auditors, accountants and financial managers routinely perform many repetitive actions, there is a disconnection between different systems they use and they need to copy data from one system to the other, the data is not automatically updated on a real-time basis and retrospective documentation of actions performed is needed.

[0009] These create inefficiency, bureaucracy, employee dissatisfaction, as well as challenges the audit quality and compliance with audit standards / financial management quality and compliance with regulatory requirements.

[0010] Therefore, in light of the foregoing discussion, there exists a need to overcome the aforementioned drawbacks so as to provide a platform and a method for providing financial advice to a user.

[0011] The present invention is designed to solve these problems and meet the need of the field of accounting, auditing and financial management to advance and become technological and efficient.

[0012] SUMMARY OF THE INVENTION

[0013] In general, the present invention relates to an intelligent platform and a method for recommending financial advice to a user. In particular, the present disclosure relates to an intelligent platform for recommending financial advice to a user, using a custom data collection process and analyzing the collected data via an Al module. Furthermore, the present disclosure also relates to a method for recommending financial advice to a user using a custom data collection process.

[0014] One aspect of the present disclosure provides an intelligent platform for recommending financial advice using a custom data collection process, to a user, wherein the intelligent platform comprising: a data collection module configured to collect real-time data associated with a plurality of financial streams; a database arrangement operatively coupled to the data collection module, the database arrangement comprises a plurality of audit standards or other professional standards for financial processes, associated with the plurality of financial streams; a processing arrangement communicably coupled to the database arrangement via a data communication network, the processing arrangement is configured to: receive the realtime data from the plurality of financial streams; characterize the plurality of audit standards associated with the plurality of financial stream, create a unified audit and compliance unit; and integrate and connect each of the plurality of financial streams with the unified audit and compliance unit; an Artificial Intelligence, Al module for analyzing all or part of the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a personalized query based process for gathering and validating specific personalized information from the user, for determining personalized insights associated thereof, wherein the Al module analyzes the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific personalized information from the user, to provide insights of at least one of a financial or audit processes; a document generator for generating at least one report associated with at least one financial or audit process based on the analysis of the real-time data; and a display arrangement communicably coupled to the document generator, for displaying the generated at least one report, and recommending advice to the user.

[0015] Another aspect of the present disclosure provides that the intelligent platform further comprises a user interface for receiving a user input in form of at least one query thereof via at least one user, and wherein at least one query is associated with querying the data relevant to at least one of the plurality of financial streams.

[0016] Another aspect of the present disclosure provides that the user interface displays data associated with at least one of the plurality of financial streams, to the display arrangement, based on at least one query. A further aspect of the present disclosure provides that the plurality of financial streams refer to the data associated with multiple aspects of the plurality of financial processes, and wherein the multiple aspects of the plurality of financial processes comprises at least one of bookkeeping, audit, tax, financial management.

[0017] Still further aspect of the present disclosure provides that the Al module is trained using the data from the plurality of financial streams, and thereby optimizes each or at least a part of the plurality of financial processes.

[0018] Yet further aspect of the present disclosure provides that the intelligent platform is configured to operate in a cloud-based architecture for providing seamless access and real-time updates.

[0019] Another aspect of the present disclosure provides that the Al module is configured to automate at least one of the financial processes.

[0020] Still another aspect of the present disclosure provides that the display arrangement displays data associated with the analyzed insights, and wherein the displayed data corresponds to insightful data in form of the generated report, and relevant data analytics.

[0021] Yet another aspect of the present disclosure provides that the intelligent platform further comprises an API integration module for providing integration thereof with existing systems.

[0022] A further aspect of the present disclosure provides that the intelligent platform further comprises an Optical character recognition, OCR module for automating extraction of data, minimizing reliance on manual input, and ensuring an error-free process.

[0023] Another aspect of the present invention provides an intelligent platform wherein each of the plurality of audit standards comprises: roles and responsibilities; risk assessment and response to assessed risks; audit evidence; using data from external sources; and audit conclusion and reporting.

[0024] Yet another aspect of the present invention provides that method for recommending financial advice to a user using a custom data collection process, the method comprises: collecting real-time data associated with a plurality of financial streams using a data collection module; accessing a database arrangement operatively coupled to the data collection module, wherein the database arrangement comprises a plurality of audit and other professional standards linked with the plurality of financial streams; receiving the real-time data from the plurality of financial streams via a processing arrangement communicably coupled to the database arrangement through a data communication network; characterizing the plurality of audit and other professional standards associated with the plurality of financial streams into a unified audit and compliance unit; integrating and connecting each of the plurality of financial streams with the unified audit and compliance unit; utilizing an Artificial Intelligence (Al) module to analyze the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a personalized query based process for gathering and validating specific customized information from the user, for determining customized insights associated thereof; analyzing via the Al module, the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific customized information from the user, to provide insights of at least one financial or audit processes, thereby supporting and documenting thereof; generating at least one report associated with at least one financial or audit process using a document generator; and displaying the generated at least one report using a display arrangement communicably coupled to the document generator, and thereby recommend an advice thereof.

[0025] Additional aspects, advantages, features and objects of the present disclosure would be made apparent from the drawings and the detailed description of the illustrative embodiments construed in conjunction with the appended claims that follow.

[0026] It will be appreciated that features of the present disclosure are susceptible to being combined in various combinations without departing from the scope of the present disclosure as defined by the appended claims.

[0027] A better understanding of the present invention may be obtained through the following examples which are set forth to illustrate but are not to be construed as limiting the present invention.

[0028] A system of one or more computers can be configured to perform particular operations or actions by virtue of having software, firmware, hardware, or a combination of them installed on the system that in operation causes the system to perform the actions. One or more computer programs can be configured to perform particular operations or actions by virtue of including instructions that, when executed by data processing apparatus, cause the apparatus to perform the actions.

[0029] In one general aspect, intelligent platform may include a data collection module configured to collect real-time data associated with a plurality of financial streams. Intelligent platform may also include a database arrangement operatively coupled to the data collection module, where the database arrangement may include a plurality of audit standards or other professional standards for financial processes, associated with the plurality of financial streams. Platform may furthermore include a processing arrangement communicably coupled to the database arrangement via a data communication network. The processing arrangement is configured to in addition include receiving real-time data from the plurality of financial streams. Platform may moreover include characterizing the plurality of audit standards associated with the plurality of financial stream, creating a unified audit and compliance unit. Platform may also include integrating and connecting each of the plurality of financial streams with the unified audit and compliance unit. Platform may furthermore include an artificial intelligence (Al) module for analyzing the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a customized query-based process for gathering and validating specific customized information from the user, configured for determining customized insights associated thereof. Platform may in addition include where the Al module analyzes the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific personalized information from the user, configured to provide insights of at least one of a financial or audit processes. Platform may moreover include a document generator for generating at least one report associated with at least one financial or audit process based on the analysis of the real-time data. Platform may also include a display arrangement communicably coupled to the document generator, configured for displaying the generated at least one report, and recommending advice to the user. Other embodiments of this aspect include corresponding computer systems, apparatus, and computer programs recorded on one or more computer storage devices, each configured to perform the actions of the methods.

[0030] Implementations may include one or more of the following features. Intelligent platform further may include a user interface configured for receiving a user input in form of at least one query thereof via at least one user, and where at least one query is associated with querying the data relevant to at least one of the plurality of financial stream. Intelligent platform where the user interface displays data associated with at least one of the plurality of financial stream, to the display arrangement, based on at least one query. Intelligent platform where the plurality of financial streams refer to the data associated with multiple aspects of the plurality of financial processes, and where the multiple aspects of the plurality of financial processes may include at least one of bookkeeping, audit, tax, and financial management. Intelligent platform where the Al module is trained using the data from the plurality of financial streams, and thereby optimizes each of the plurality of financial processes. Intelligent platform is configured to operate in a cloud-based architecture for providing seamless access and real-time updates. Intelligent platform where the Al module is configured to automate at least one of the financial processes. Intelligent platform where the display arrangement displays data associated with analyzed insights, and where the displayed data corresponds to insightful data in form of the generated report, and relevant data analytics. Intelligent platform further may include an API integration module for providing integration thereof with existing systems. Intelligent platform further may include an Optical character recognition, OCR module for automating extraction of data, minimizing reliance on manual input, and ensuring an error-free process. Intelligent platform where each of the plurality of audit standards may include: roles and responsibilities; risk assessment and response to assessed risks; audit evidence; using data from external sources; and audit conclusion and reporting. Implementations of the described techniques may include hardware, a method or process, or a computer tangible medium.

[0031] In one general aspect, the method may include collecting real-time data associated with a plurality of financial streams using a data collection module. The method may also include accessing a database arrangement operatively coupled to the data collection module, where the database arrangement may include a plurality of audit and other professional standards linked with the plurality of financial streams. The method may furthermore include receiving the real-time data from the plurality of financial streams via a processing arrangement communicably coupled to the database arrangement through a data communication network. The method may in addition include characterizing the plurality of audit and other professional standards associated with the plurality of financial streams into a unified audit and compliance unit. The method may moreover include integrating and connecting each of the plurality of financial streams with the unified audit and compliance unit. The method may also include utilizing an Artificial Intelligence (Al) module to analyze the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a personalized query-based process for gathering and validating specific personalized information from the user, for determining personalized insights associated thereof. The method may furthermore include analyzing via the Al module, the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific personalized information from the user, to provide insights of at least one financial or audit processes, thereby supporting and documenting thereof. The method may in addition include generating at least one report associated with at least one financial or audit process using a document generator. The method may moreover include displaying the generated at least one report using a display arrangement communicably coupled to the document generator, and thereby recommend an advice thereof. Other embodiments of this aspect include corresponding computer systems, apparatus, and computer programs recorded on one or more computer storage devices, each configured to perform the actions of the methods.

[0032] Implementations may include one or more of the following features. The method where the advice includes one or more of what actions and / or audit procedures should be taken, what questions should be answered, what needs to be documented, what is a next step, what conclusion should be drawn (for example, regarding the going concern assumption) and how to implement it, or a combination thereof. Implementations of the described techniques may include hardware, a method or process, or a computer tangible medium.

[0033] In one general aspect, computer implemented method may include supplying a database of audit or other professional standards translated into computer actionable instructions. Computer implemented method may also include integrating a plurality of financial streams with the database to define relevant data and computations of an audit. The method may furthermore include collecting the financial streams. The method may in addition include extracting data from the financial streams. The method may moreover include updating the computations in real time. The method may also include generating a working paper delineating effects of the financial streams. Other embodiments of this aspect include corresponding computer systems, apparatus, and computer programs recorded on one or more computer storage devices, each configured to perform the actions of the methods.

[0034] Implementations may include one or more of the following features. The method where the database includes ISA standards translated into computer actionable instructions. The method where the financial streams include data from an accounting system of a client and / or information provided by the client, results of inquiries with the client and / or third parties, previous conclusions drawn, or a combination thereof. The method may include: evaluating of misstatements identified during the audit in accordance with ISA 450 and incorporating results of said evaluating into an evaluation of materiality in planning and performing an audit in accordance with ISA 320. The method may include: auditing fair value measurement and disclosures in accordance with ISA 520 and incorporating results of said auditing into queries to an expert according to ISA 620. The method may include: going concern assumption in accordance with ISA 570 and incorporating results of said determining into a paragraph in the auditors report according to ISA 700, 705 or 706. Implementations of the techniques described may include hardware, a method or process, or a computer tangible medium.

[0035] BRIEF DESCRIPTION OF THE DRAWINGS

[0036] The summary above, as well as the following detailed description of illustrative embodiments, is better understood when read in conjunction with the appended drawings. For the purpose of illustrating the present disclosure, exemplary constructions of the disclosure are shown in the drawings. However, the present disclosure is not limited to specific methods and instrumentalities disclosed herein. Moreover, those in the art will understand that the drawings are not to scale. Wherever possible, like elements have been indicated by identical numbers. Embodiments of the present disclosure will now be described, by way of example only, with reference to the following diagrams wherein:

[0037] FIG. 1A is a schematic illustration of a block diagram of an intelligent platform (100) for recommending financial advice using a custom data collection process, in accordance with an embodiment of the present disclosure;

[0038] FIG. IB is a schematic illustration of a block diagram of an intelligent platform (100b) for recommending financial advice using a custom data collection process, in accordance with another embodiment of the present disclosure;

[0039] FIG. 1C is a schematic illustration of a block diagram of an intelligent platform (100c) for recommending financial advice using a custom data collection process, in accordance with another embodiment of the present disclosure;

[0040] FIG. 2 is a schematic illustration of a flow diagram of a method (200) for recommending financial advice to a user using a custom data collection process, in accordance with an embodiment of the present disclosure;

[0041] FIG. 3 is a schematic illustration of a flow diagram of a method (300) for generating working papers, reports and / or providing financial advice, in accordance with some embodiments of the current invention; and

[0042] FIGs. 4A-C are flow diagrams of a method (300) for generating financial reports and / or providing financial advice, in accordance with some embodiments of the current invention.

[0043] In the accompanying drawings, an underlined number is employed to represent an item over which the underlined number is positioned or an item to which the underlined number is adjacent. A non-underlined number relates to an item identified by a line linking the non-underlined number to the item. When a number is nonunderlined and accompanied by an associated arrow, the non-underlined number is used to identify a general item to which the arrow is pointing. DETAILED DESCRIPTION OF SPECIFIC EMBODIMENTS

[0044] The following detailed description illustrates embodiments of the present disclosure and ways in which they can be implemented. Although some modes of carrying out the present disclosure have been disclosed, those skilled in the art would recognize that other embodiments for carrying out or practicing the present disclosure are also possible.

[0045] According to some embodiments, the system directly ingests real-time, dynamic financial data and systematically applies a comprehensive set of proprietary questionnaires and actions, both automated and manual, which are derived from established audit standards and their interrelationships. Each step generates outputs precisely designed as inputs for subsequent steps, culminating, in largely automated fashion, in a complete audit documentation (e.g., working-papers), fulfilling all documentation requirements, fully compliant with the audit standards. Additionally, or alternatively, the system facilitates all necessary external communications and interfaces, starting from the engagement letter, progressing through document requests and written representations, and concluding with the final auditor's report.

[0046] In a first aspect, embodiments of the present disclosure provide an intelligent platform (100) for recommending financial advice using a custom data collection process, to a user, wherein the intelligent platform (100) comprising: a data collection module (102) configured to collect real-time data associated with a plurality of financial streams; a database arrangement (104) operatively coupled to the data collection module (102), the database arrangement (104) comprises a plurality of audit standards or other professional standards, such as, but not limited to, tax laws for financial processes, associated with the plurality of financial streams; a processing arrangement (106) communicably coupled to the database arrangement (104) via a data communication network, the processing arrangement (106) is configured to: receive the real-time data from the plurality of financial streams; characterize the plurality of audit standards and other professional standards associated with the plurality of financial stream, create a unified audit and compliance unit; and integrate and connect the each of the plurality of financial streams with the unified audit and compliance unit; an Artificial Intelligence, Al module (108) for analyzing the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a personalized query-based process for gathering and validating specific customized information from the user, for determining customized insights associated thereof, wherein the Al module (108) analyzes the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific information from the user, to provide insights of at least one of a financial or audit processes; a document generator (110) for generating at least one report associated with at least one financial or audit process based on the analysis of the real-time data; and a display arrangement (112) communicably coupled to the document generator (110), for displaying the generated at least one report, and recommending advice to the user.

[0047] In a second aspect, embodiments of the present disclosure provide a method (200) for recommending financial advice to a user using a custom data collection process, the method comprises: collecting real-time data associated with a plurality of financial streams using a data collection module (202); accessing a database arrangement operatively coupled to the data collection module, wherein the database arrangement comprises a plurality of audit and other professional standards linked with the plurality of financial streams (204); receiving the real-time data from the plurality of financial streams via a processing arrangement communicably coupled to the database arrangement through a data communication network (206); characterizing the plurality of audit and other professional standards associated with the plurality of financial streams into a unified audit and compliance unit (208); integrating and connecting each of the plurality of financial streams with the unified audit and compliance unit (210); utilizing an Artificial Intelligence (Al) module to analyze the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a customized query-based process for gathering and validating specific customized information from the user, for determining customized insights associated thereof (212); analyzing via the Al module, the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific personalized information from the user, to provide insights of at least one financial or audit processes, thereby supporting and documenting thereof (214); generating at least one report associated with at least one financial or audit process using a document generator (216); and displaying the generated at least one report using a display arrangement communicably coupled to the document generator, and thereby recommend an advice thereof (218). The present invention discloses an intelligent platform (100) that reads and uses real-time data to integrate bookkeeping, audits, tax, and financial management, and so forth into one streamlined application for audit and compliance. Said innovative platform offers a comprehensive solution by "opening" and reading compositions originated by any bookkeeping system. By doing so, it directly and easily uses the data to generate reports and queries. Additionally, the disclosed intelligent platform automatically performs various stages of the audit work, prepares financial statements, and includes a document generator along with audit quality control tools.

[0048] Furthermore, the intelligent platform also employs advanced technologies such as artificial intelligence (Al) and machine learning to optimize various financial processes, ranging from audits to tax report transmission, and thereby enabling the intelligent platform to provide efficient and accurate financial data processing, ensuring high-quality outcomes for users. Consequently, by leveraging Al and machine learning, the present invention enhances the analysis and interpretation of financial data, improving the accuracy and efficiency of financial processes such as audits and tax reporting.

[0049] It will be appreciated that the disclosed platform is built with scalability, security, that utilizes cloud computing, artificial intelligence, and machine learning models, Moreover, the disclosed platform also ensures real-time, accurate financial data processing and insightful analytics. In addition, the intelligent platform provides deep insights and comprehensive reporting based on real-time financial data. Such analytics enable users to gain a holistic view of the financial situation. Additionally, or alternatively, the API integrations facilitate seamless connectivity with various financial systems and services, ensuring that users can easily access and manage financial information across different platforms.

[0050] In an embodiment, the disclosed platform incorporates OCR (Optical Character Recognition) technology, which allows for the efficient digitization and processing of paper-based financial documents. This feature enhances the system's ability to handle diverse types of financial data, ensuring that all relevant information is accurately captured and processed.

[0051] Throughout the present disclosure, the term "database arrangement" as used herein, relates to an organized body of digital information regardless of the manner in which the data or the organized body thereof is represented. It refers to a collection of data that allows easy access, management, and updating of the data stored. Optionally, the database arrangement may be hardware, software, firmware, and / or any combination thereof. For example, the organized body of digital information may be in the form of a table, a map, a grid, a packet, a datagram, a file, a document, a list or in any other form. Optionally, the data in the database arrangement is organized into rows, columns, and tables. Additionally, optionally, the data in the database arrangement is indexed (namely, labelled) for easy access thereto. Optionally, the database arrangement comprises a set of processes (namely instructions) to create the plurality of databases and update thereto, query data from external sources, and process operational instructions provided thereto. Optionally, the database arrangement is accessed electronically for, for example storing data, accessing data, and updating data, using a computing device. More optionally, such a computing device employs a database management system (DBMS) for creating and managing the database arrangement. Furthermore, optionally, the database arrangement is an object-oriented database, SQL database, relational database, distributed database, non- SQL database, cloud database. The plurality of databases includes any data storage software and systems, such as, for example, a relational database like IBM DB2®, Google Cloud and Oracle 9®. Furthermore, the database arrangement includes a software program for creating and managing one or more databases. Optionally, the database arrangement may be operable to support relational operations, regardless of whether it enforces strict adherence to a relational model, as understood by those of ordinary skill in the art. Additionally, the database arrangement is populated by elastic search libraries, elastic search databases, at least one relevant data element, topic-based web content and the likes. Optionally, the database arrangement is populated by the operational data associated with the URIs, URLs, and / or URNs and their related information.

[0052] Throughout the present disclosure, the term "processing arrangement" as used herein relates to at least one programmable or computational entity configured to acquire process and / or respond to instructions identifying related proteins. For example, the computational entity may include a memory, a network adapter and the likes. In another example, the processor includes, but are not limited to, a microprocessor, a microcontroller, a complex instruction set computing (CISC) microprocessor, a reduced instruction set (RISC) microprocessor, a very long instruction word (VLIW) microprocessor, or any other type of processing circuit for executing data management and curation instructions. Furthermore, the processor includes one or more processing devices and various elements of a computer system associated with a processing device that may be shared by other processing devices. Additionally in an embodiment, one or more processors, processing devices, processing devices, and elements are arranged in various architectures for responding to and processing the instructions that drive the system for determining related proteins.

[0053] Throughout the present disclosure, the term "data communication network" refers to individual networks or a collection thereof interconnected with each other and functioning as a single large network. Optionally, such a data communication network is implemented by way of a wired communication network, wireless communication network, or a combination thereof. It will be appreciated that a physical connection is established for implementing the wired communication network, whereas the wireless communication network is implemented using electromagnetic waves. Examples of such data communication networks include, but are not limited to, Local Area Networks (LANs), Wide Area Networks (WANs), Metropolitan Area Networks (MANs), Wireless LANs (WLANs), Wireless WANS (WWANs), Wireless MANS (WMANs), the Internet, second-generation (2G) telecommunication networks, third generation (3G) telecommunication networks, fourth-generation (4G) telecommunication networks, fifth-generation (SG) telecommunication networks and Worldwide Interoperability for Microwave Access (WiMAX) networks.

[0054] Optionally, the data communication network is implemented as a cellular network. It will be appreciated that the cellular network refers to a radio communication network, wherein the cellular network is distributed over land through cells. Specifically, each cell includes a fixed location transceiver, for example, a base station.

[0055] Referring to FIG. 1A, the present invention discloses an intelligent platform (100) for recommending financial advice using a custom data collection process to a user, in accordance with an embodiment of the present disclosure. The intelligent platform (100) comprises a data collection module (102) configured to collect real-time data associated with a plurality of financial streams. Optionally, the financial streams may include data from the client's accounting system and / or information that the client provides, the results of inquiries with the client and / or third parties, conclusions drawn (including from previous periods), etc. This data collection module (102) serves as the foundational component for gathering comprehensive financial data from various sources, ensuring that the platform has access to the most current and relevant information.

[0056] The intelligent platform (100) further includes a database arrangement (104) operatively coupled to the data collection module (102). The database arrangement (104) is designed to store and manage a wide array of audit standards and other professional standards for financial processes; each associated with the plurality of financial streams. This database ensures that all collected data is processed and evaluated according to established standards, thereby maintaining the integrity and compliance of the financial output generated by the platform. A critical component of the intelligent platform (100) is the processing arrangement (106), which is communicably coupled to the database arrangement (104) via a data communication network. The processing arrangement (106) is configured to receive real-time data from the plurality of financial streams. It characterizes the various audit standards associated with these financial streams creating a unified audit and compliance unit. The unified unit is a logical processing unit and / or software module which consolidates all relevant standards (e.g., ISA, other laws) into a unified database of audit rules, from which actions and queries are derived to consistently perform an audit. The unified unit may include proactive queries and automatic actions based on the requirements of the audit standards. The unified unit integrates and connects each of the financial streams, ensuring a comprehensive and cohesive approach to financial auditing and compliance.

[0057] The intelligent platform (100) comprises an Artificial Intelligence (Al) module (108) configured to analyze the real-time data from the plurality of financial streams using the unified audit and compliance unit. The Al module (108) creates a customized query-based process for gathering and validating specific customized information from the user. Said customized information is then used to determine insights tailored to the financial situation of a client for whom the user is analyzing the financial situation and / or performs the audit . The Al module (108) processes the real-time data alongside userspecific information to provide detailed insights into various financial and audit processes. Optionally, the insights may include what actions and / or audit procedures should be taken, what questions should be answered, what needs to be documented, what is the next step, what conclusion should be drawn e.g., regarding the going concern assumption and how to implement it, etc.

[0058] In addition, the intelligent platform (100) includes a document generator (110). The document generator (110) is responsible for generating reports based on the analysis of real-time data. These reports are associated with at least one financial or audit process and provide users with detailed, actionable insights and recommendations.

[0059] Moreover, the intelligent platform (100) comprises a display arrangement (112) that is communicably coupled to the document generator (110). The display arrangement (112) is designed to present the generated reports and recommend advice to the user in an accessible and user-friendly format. This ensures that users can easily interpret the data and insights provided by the platform and make informed decisions based on comprehensive financial advice.

[0060] In describing further to FIG. 1A, reference is made to FIG. IB where there is illustrated an intelligent platform (100), in accordance with an embodiment of the present disclosure. The intelligent platform (100) further comprises a user interface (114) configured to receive user input in the form of at least one query from at least one user. The user interface (114) serves as an interactive component that allows users to engage directly with the platform by inputting queries related to the data relevant to at least one of the plurality of financial streams.

[0061] In an instance, the user interface (114) enables users to pose specific questions or requests for information regarding financial data. Such queries can pertain to various aspects of the financial streams integrated within the platform, such as account balances, transaction histories, investment performance, or compliance status. The ability to input such queries empowers users to access precise and customized information from the system, facilitating a more customized and responsive financial advisory experience for an auditor or tax consultant or financial expert.

[0062] Upon receiving a query, the user interface (114) communicates with the underlying components of the platform, including the data collection module (102), database arrangement (104), and Al module (108). Said interaction ensures that the user's queries are processed in real-time, leveraging the comprehensive data and advanced analytical capabilities of the platform to generate accurate and relevant responses. Consequently, the intelligent platform (100) provides users with timely and insightful information tailored to the specific financial needs and questions of the client for whom the user is using the system.

[0063] In another embodiment, the user interface (114) displays data associated with at least one of the plurality of financial stream, to the display arrangement (112), based on at least one query.

[0064] In another embodiment, the plurality of financial streams refers to the data associated with multiple aspects of the plurality of financial processes. Said multiple aspects of the financial processes comprise at least one of bookkeeping, audit, tax, and financial management.

[0065] In another embodiment, the Al module (108) is trained using the data from the plurality of financial streams, thereby optimizing each of the plurality of financial processes. In an instance, the Al module (108) leverages extensive datasets derived from various financial streams, including bookkeeping, audit, tax, and financial management data. By training on this diverse and comprehensive data, the Al module (108) develops a deep understanding of the patterns, trends, and intricacies within each financial process. Such training enables the Al module (108) to enhance and optimize the performance of the financial processes in several ways. For example, in bookkeeping, in some embodiments, the Al module (108) may automate routine tasks such as transaction categorization and reconciliation, reducing manual effort and increasing accuracy. In another instance, the Al module (108) can identify anomalies and potential non-compliance issues more efficiently, improving the reliability and thoroughness of audit processes. In yet another instance, for tax-related processes, the Al module (108) can ensure that tax calculations and filings are accurate and compliant with the latest regulations, minimizing the risk of errors and penalties. In financial management, the Al module (108) can assist in strategic decision-making by providing predictive analytics, budgeting recommendations, and investment insights based on real-time data and historical trends.

[0066] In a particular embodiment, the Al module (108) is configured to automate at least one of the financial processes.

[0067] According to another embodiment, the present invention discloses that the intelligent platform (100) is configured to operate in a cloud-based architecture, providing seamless access and real-time updates. In an instance, such cloud-based architecture enables the platform to deliver robust and scalable financial advisory services. By leveraging cloud infrastructure, the platform ensures that users can access financial data and insights from any location with an internet connection, using a variety of devices such as desktops, laptops, tablets, and smartphones. Said flexibility enhances user convenience and supports remote financial management and advisory activities for the user who is a financial advisor to an organization.

[0068] Moreover, operating in a cloud-based environment allows the platform to provide real-time updates. As financial data is collected and processed, the cloud infrastructure ensures that any changes or new information are instantly reflected across the system. Such capability is crucial for maintaining the accuracy and relevance of financial advice.

[0069] In another embodiment, the intelligent platform (100) includes a display arrangement (112) that displays data associated with the analyzed insights. The displayed data corresponds to insightful data in the form of generated reports and relevant data analytics.

[0070] In a further embodiment, the intelligent platform (100) further comprises an API integration module configured to provide seamless integration with existing systems. Such API integration module serves as a bridge between the intelligent platform (100) and external systems, allowing for smooth communication and data exchange. By leveraging Application Programming Interfaces (APIs), the platform can connect with various third-party software, databases, and services commonly used in the financial industry. Such API integration module facilitates interoperability and interoperable data sharing, enabling the intelligent platform (100) to access additional sources of financial data and functionality. For example, it can integrate with banking systems, investment platforms, accounting software, tax preparation tools, and regulatory compliance databases.

[0071] In describing further on FIG. 1A, reference is made to FIG. 1C where there is illustrated a schematic illustration of intelligent platform in accordance with another embodiment. Herein, an optical character recognition, OCR module (116) is disclosed for automating extraction of data, minimizing reliance on manual input, and ensuring an error-free process.

[0072] According to an embodiment, each of the plurality of audit standards comprising roles and responsibilities; risk assessment and response to assessed risks; audit evidence; using data from external sources; and audit conclusion and reporting.

[0073] Reference is made to FIG. 2, where there is illustrated a method for recommending financial advice to a user, in accordance with an embodiment of the present disclosure. The method (200) initiates at step (202) which includes collecting real-time data associated with a plurality of financial streams using a data collection module. The method further proceeds to step (204), which includes accessing a database arrangement operatively coupled to the data collection module, wherein the database arrangement comprises a plurality of audit and other professional standards linked with the plurality of financial streams. Further, at step (206), the method comprises receiving the real-time data from the plurality of financial streams via a processing arrangement communicably coupled to the database arrangement through a data communication network. Furthermore, at step (208), the method comprises characterizing the plurality of audit and other professional standards associated with the plurality of financial streams into a unified audit and compliance unit. Subsequently at step (210), the method comprises integrating and connecting each of the plurality of financial streams with the unified audit and compliance unit, and at step (212), the method comprises utilizing an Artificial Intelligence (Al) module to analyze the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a personalized query- based process for gathering and validating specific customized information from the user, for determining customized insights associated thereof. Thereafter, the method comprises analyzing via the Al module, the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific customized information from the user, to provide insights of at least one financial or audit processes, thereby supporting and documenting thereof, at step (214). The method further comprises generating at least one report associated with at least one financial or audit process using a document generator, at step (216). In addition, the method (200) comprises displaying the generated at least one report using a display arrangement communicably coupled to the document generator, and thereby recommend an advice thereof. The final step (218) comprises displaying the at least one report generated using a display arrangement communicably coupled to the document generator, and thereby recommending an advice thereof. Optionally, the advice may include what actions and / or audit procedures should be taken, what questions should be answered, what needs to be documented, what is the next step, what conclusion should be drawn (e.g., regarding the going concern assumption and how to implement it), etc.

[0074] The steps 202, 204, 206, 208, 210, 212, 214, 216, and 218 are only illustrative and other alternatives can be provided where one or more steps are added, one or more steps are removed, or one or more steps are provided in a different sequence without departing from the scope of the claims herein. Reference is made to Fig. 3, is a schematic illustration of a flow diagram of a method (300) for generating reports which meet international auditing standards, in accordance with some embodiments of the current invention. For example, method 300 may be configured to automate audits and / or reporting of financial statements. Optionally, the system may be configured to generate reports which meet auditing standards (e.g., International Standards on Auditing (ISA) as set by the International Auditing and Assurance Standards Board (IAASB), etc.). Optionally, the system may include an Al module configured to analyze raw data and / or make computations and / or generate an ISA standard report, optionally, with detailed support .

[0075] The raw data may be data compiled by an accountant and / or auditor and / or bookkeeper. Optionally, the raw data may be raw accounting reports. Optionally, the raw data may include invoices, bank statements, receipts, etc. Optionally, the raw data may include data from a plurality of financial streams. Optionally, the raw data may include non-standard accounting reports. Optionally, the system may be configured to use various data sources and / or formats. Optionally, the system may be used to analyze accounting reports e.g., for determining whether they are compliant with various standards.

[0076] The system may be configured to provide an objective, defined standardized output. Optionally, the system may be configured to compute an itemized ISA standard report. Optionally, the system may facilitate computation of all items and / or factors required to be reported in an ISA standard report. Optionally, the system may facilitate computation of all items and / or factors simultaneously and / or independently. Optionally, the system may use an Al model to obtain values and / or report on these items based on raw data. Optionally, the system may determine and / or confirm the legal status of the entity being audited and its financial viability. Optionally, the Al model may take these results into account. Optionally, the Al model may formulate responses to specific user queries. Optionally, the Al model may formulate financial advice based on the generated report.

[0077] The intelligent platform may employ advanced technologies, such as artificial intelligence models (Al models) and / or machine learning, to perform various financial processes, ranging from audits to tax report transmission. Optionally, the intelligent platform may provide efficient and / or accurate financial data processing. Optionally, the intelligent platform may provide high-quality outcomes for users. Optionally, by leveraging Al models and / or machine learning, analysis and interpretation of financial data may be enhanced. Optionally, the accuracy and efficiency of financial processes may be improved, such as audits and tax reporting.

[0078] FIGs. 4A-C are flow diagrams of a method (300) for generating financial reports and / or providing financial advice, in accordance with some embodiments of the current invention. The component numbers correspond to the ISA categories and the description in accordance with ISQM 1, ISQM 2, as follows:

[0079] ISA 200 - Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing

[0080] General Principles and Responsibilities

[0081] ISA 210 - Agreeing the Terms of Audit Engagements

[0082] ISA 220 - Quality Management for An Audit of Financial Statements

[0083] ISA 230 - Audit Documentation

[0084] ISA 240 - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements

[0085] ISA 250 - Consideration of Laws and Regulations in an Audit of Financial Statements ISA 260 - Communication with Those Charged with Governance

[0086] ISA 265 - Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

[0087] Risk Assessment and Response to Assessed Risks ISA 300 - Planning an Audit of Financial Statement

[0088] ISA 315 - Identifying and Assessing the Risks of Material Misstatement

[0089] ISA 320 - Materiality in Planning and Performing an Audit

[0090] ISA 330 - The Auditor's Responses to Assessed Risks

[0091] ISA 402 - Audit Considerations Relating to an Entity Using a Service Organization

[0092] ISA 450 - Evaluation of Misstatements Identified during the Audit

[0093] Audit Evidence

[0094] ISA 500 - Audit evidence

[0095] ISA 501 - Audit Evidence - Specific Considerations for Selected Items

[0096] ISA 505 - External Confirmations

[0097] ISA 510 - Initial Audit Engagements - Opening balances

[0098] ISA 520 - Analytical Procedures

[0099] ISA 530 - Audit Sampling

[0100] ISA 540 - Auditing Accounting Estimates and Related Disclosures

[0101] ISA 545 - Auditing Fair Value Measurement and Disclosures

[0102] ISA 550 - Related Parties

[0103] ISA 560 - Subsequent Events

[0104] ISA 570 - Going Concern

[0105] ISA 580 - Written Representations

[0106] Using the Work of Others

[0107] ISA 600 - Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)

[0108] ISA 610 - Using the Work of Internal Auditors

[0109] ISA 620 - Using the Work of an Auditor's Expert

[0110] Audit Conclusions and Reporting

[0111] ISA 700 - Forming an Opinion and Reporting on Financial Statements ISA 701 - Communicating Key Audit Matters in the Independent Auditor's Report ISA 705 - Modifications to the Opinion in the Independent Auditor's Report

[0112] ISA 706 - Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report

[0113] ISA 710 - Comparative Information-Corresponding Figures and Comparative Financial Statements

[0114] ISA 720 - The Auditor's Responsibilities Relating to Other Information

[0115] According to some embodiments, the system may include a system for converting audit standards into computable procedures. The system translates professional audit standards and rules into a structured set of computational tasks - namely, questionnaires, decision-logic rules, and automated workflows. Optionally, the entire body of auditing standards is encoded as a comprehensive database of audit questionnaires and automated tools, capturing all the interrelationships between various standards. Each requirement in the standards is represented by specific queries or checks that the software can perform or prompt the user to perform. The system may include a suite of automated questionnaires and tools for applying the auditing standards, including all the relationships between the auditing standards. For example, the system "knows" that when preparing the auditor's report, identifying Key Audit Matters under ISA 701 must draw on matters communicated to the board under ISA 260; the system workflow explicitly links these two standards so that data gathered for ISA 260 is automatically used for the ISA 701 analysis (e.g., Fig. 4C). Additional examples of the auditing standards and their relationships are shown in Figs. 4A-4C.

[0116] In some embodiments, before the system sets the audit terms in terms of ISA 240, it may consider assessed risks by identifying and assessing the risks of material misstatement according to ISA 315. The output of ISA 315's risk assessment directly informs the nature, timing, and extent of the audit procedures performed in accordance with ISA 330, "The Auditor's Responses to Assessed Risks." The output of ISA 315's risk assessment may be used in ISA 402 to assess the risk of understanding the significance of the internal and external oversight and / or responsibilities of service organizations in ISA 402. For example, Evaluation of misstatements identified during the audit ISA 450 may be used to plan for performing the audit under ISA 320.

[0117] In some embodiments, a system integrates information from ISA 540 / 545 "Auditing Accounting Estimates and Related Disclosures" and ISA 620 "Using the Work of an Auditor's Expert". The method facilitates efficient and effective data sharing between the system and experts, thereby enhancing the reliability of audit evidence.

[0118] In some embodiments, the system initiates the auditing process for accounting estimates and related disclosures under ISA 540 / 545. The system defines requirements sufficient for appropriate audit evidence about whether accounting estimates, including fair value measurements, are reasonable. This involves, for example, assessing the methodologies, assumptions, and data used by management in making these estimates.

[0119] In some situations, the system determines that specialized expertise will facilitate evaluating complex fair value measurements. The system may incorporate the guidance provided by ISA 620. For example, based on ISA 620 the system may query an expert in a field other than accounting or auditing, such as a valuation specialist. The interaction between the system and the expert may be used for obtaining reliable audit evidence.

[0120] The data sharing process between the system and the expert optionally involves several steps:

[0121] 1. Provision of Relevant Information: The system optionally provides the expert with all necessary relevant information about the entity and the specific items to be valued. This information may include, for example, financial data, contracts, market information, key assumptions, and methodologies used by management. The system is configured to supply data that is comprehensive and accurate to facilitate the expert's analysis.

[0122] 2. Expert Analysis and Reporting: Upon receiving the information, the expert conducts their analysis using specialized knowledge and techniques. The expert evaluates the fair value measurements and returns findings, valuation reports, or other expert work products. The results may include, for example, a written report from the expert and / or a response to a query of the system and / or a formatted collection of data and / or conclusions. Optionally, the report contains the experts' conclusions and the rationale behind their valuation.

[0123] 3. Critical Evaluation by System: The system receives the expert's findings and critically evaluates them. The system assesses whether the expert's work supports management's fair value measurements and whether it constitutes sufficient appropriate audit evidence as required by ISA 540 / 545. The system may also consider the expert's methodologies and assumptions to ensure they align with the relevant standards.

[0124] 4. Integration of Expert Findings: In some embodiments, the system integrates the expert's findings into the overall audit evidence. This involves corroborating management's fair value measurements with the expert's valuation and checking that relevant disclosures are accurate and complete.

[0125] 5. Final Audit Conclusion: Based on the combined evidence from the system assessment and the expert's analysis, the system uses Al to form a final conclusion regarding the reasonableness of the accounting estimates and related disclosures. This conclusion is documented with assurance about the entity's financial statements.

[0126] The computer-implemented method facilitates seamless data sharing between the auditing system and the expert, ensuring that the audit process is efficient and effective. By leveraging the expertise of valuation specialists and integrating their findings into the audit evidence, the method enhances the reliability and accuracy of fair value measurements and related disclosures.

[0127] In some embodiments, the system leverages data from ISA 550 - Related Parties, ISA 510 - Initial Audit Engagements - Opening Balances, and ISA 580 - Written Representations, to inform decisions under ISA 705 - Modifications to the Opinion in the Independent Auditor's Report. In some embodiments, when performing an audit, the system relies on several ISAs to gather evidence. For example, according to ISA 550 "Related Parties" the system may identify related party relationships and / or transactions, evaluate their business rationale, proper accounting, and / or adequate disclosure. The system is optionally programmed to analyze transaction data and relationships to identify any potential related party transactions that may not be disclosed adequately or accounted for properly.

[0128] In some embodiments, the system verifies that opening balances are free from material misstatement and that accounting policies are consistently applied from the prior period (e.g., in accordance with ISA 510 "Initial Audit Engagements - Opening Balances"). The system optionally uses historical financial data and accounting policies to verify the accuracy of opening balances and substantiate consistency in the application of accounting principles.

[0129] In some embodiments, (e.g., in accordance with ISA 580 "Written Representations") the system obtains written confirmations from management on specific matters such as the completeness of information and / or their responsibilities for financial statements. The system is optionally configured to query the management and / or store written representations from management and / or check the sufficiency of these statements. The system optionally evaluates the completeness and accuracy of the information provided by management and flags any discrepancies or refusals to provide requested representations.

[0130] In some embodiments, the above data (e.g., from ISA 550 - "Related Parties", ISA 510 - "Initial Audit Engagements - Opening balances" and / or ISA 580 - "Written Representations" may be integrated with and / or be used as input for ISA 705 - "Modifications to the Opinion in the Independent Auditor's Report." For example, where ISA 705 addresses situations where the system concludes that the financial statements may be materially misstated and / or that sufficient appropriate audit evidence has not been obtained. For instance, when the system identifies significant undisclosed or improperly accounted-for related party transactions under ISA 550, and / or discovers uncorrected material misstatements in opening balances from an ISA 510 assessment that pervade the current period, these findings directly inform the system's conclusion on the overall fairness of the financial statements. Additionally, or alternatively, the system may conclude that the management did not provide a necessary written representation under ISA 580. This conclusion may lead to a pervasive limitation on the audit scope and / or lack of sufficient evidence. When the system concludes that there is a pervasive limitation on the audit scope and / or lack sufficient evidence the system may recommend to modify the auditor's opinion according to ISA 705. For example, the system may recommend to qualify an opinion, issue an adverse opinion, and / or disclaim an opinion. The decision may be based on the nature and pervasiveness of the issue. In some embodiments, the system uses predefined criteria and / or algorithms to assess the severity and impact of the identified issues. The system may check that the modification to the opinion is consistent with auditing standards and reflects the true state of the financial statements.

[0131] International Accounting Standards (ISA) 570, "Going Concern," and ISA 706, "Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report," are guidelines in the realm of auditing.

[0132] In some embodiments, a system may analyse whether a company can continue its operations for the foreseeable future, typically at least one year from the date of the financial statements (e.g., in accordance with ISA 570 - "Going Concern"). For example, the system may evaluate management's use of the going concern basis of accounting and to determine if there are material uncertainties that may cast significant doubt on the entity's ability to continue as a going concern.

[0133] In some embodiments, the system may communicate significant issues (e.g., in accordance with ISA 706 -"Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report"). For example, this may include the use of "Emphasis of Matter" paragraphs to highlight matters that are fundamental to users' understanding of the financial statements and / or "Other Matter" paragraphs to address issues not related to the financial statements but relevant to users.

[0134] In some embodiments, a computerized auditing system may integrate data from ISA 570 into ISA 706, for example, using streamlined automated data sharing protocols. For example, the system can be programmed to flag any material uncertainties identified during the going concern assessment under ISA 570. These flags can then trigger the generation of "Emphasis of Matter" paragraphs under ISA 706, ensuring that significant issues are appropriately highlighted in the auditor's report. The computerized system may automatically cross-reference the identified uncertainties with the financial statements. For example, this may facilitate consistency and / or accuracy in reporting. Additionally, or alternatively, the system may maintain a database of historical going concern assessments and / or related disclosures. The database may facilitate tracking trends and / or making more informed decisions. For example, an artificial intelligence and / or machine learning algorithm, may be used to improve the system's ability to detect and / or report material uncertainties.

[0135] In some embodiments, data from ISA 240 - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements, ISA 250 - Consideration of Laws and Regulations in an Audit of Financial Statements, ISA 260 - Communication with Those Charged with Governance, ISA 265 - Communicating Deficiencies in Internal Control to Those Charged with Governance and Management, ISA 315 - Identifying and Assessing the Risks of Material Misstatement, ISA 450 - Evaluation of Misstatements Identified during the Audit, ISA 505 - External Confirmations, ISA 510 - Initial Audit Engagements - Opening balances, ISA 540 - Auditing Accounting Estimates and Related Disclosures, ISA 545 - Auditing Fair Value Measurement and Disclosures, ISA 550 - Related Parties, ISA 560 - Subsequent Events, ISA 570 - Going Concern, ISA 600 - Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors), ISA 610 - Using the Work of Internal Auditors and / or ISA 620 - Using the Work of an Auditor's Expert may be combined and / or funneled to a communication, for example, in accordance with ISA 701 - Communicating Key Audit Matters in the Independent Auditor's Report.

[0136] According to some embodiments, by codifying such dependencies and rules, the platform ensures that the audit standards requirements are broken down into actionable steps a computer system can carry out in sequence. Each step's output is formatted to serve as the next step's input, creating a logical chain of audit procedures. This conversion of audit standards into machine-executable steps facilitates systematically applying audit standards via software rather than relying solely on human interpretation.

[0137] According to some embodiments, the system may integrate and synchronize data streams with audit standards. The questionnaires and automated tools are built to achieve full compliance with auditing standards. The questionnaires and automated tools facilitate flexibility in the application of auditing standards according to the relevance, complexity and size of the audited entity and the discretion of the accountant and / or audit firm's policy. The data on which the auditing standards are applied may change and are updated and the system takes into account the changes and updates on an ongoing basis.

[0138] The system is fed by financial streams including: data from the client's accounting system and / or information that the client provides, the results of inquiries with the client and / or third parties, conclusions drawn (including from previous periods), etc.

[0139] According to some embodiments, processes are performed on this data in combination with Al tools together with OCR and a user interface - to classify the data and perform audit operations on them. Optionally, the processes may be, at least in part, automated. The system may produce the documentation and then provide an informed recommendation. For example, the process of a trial and / or compilation balance sheet from which a financial statement is created, and the entire audit process is performed by questionnaires and actions (at least partly automated) with some of the data already present in the questionnaires and the user fills in the missing information manually.

[0140] According to some embodiments, the audit and compliance unit serves as the bridge between raw financial data and the audit rules. It continuously ingests data from multiple sources (the client's accounting systems, client-provided documents, third- party confirmations, and even prior-period findings) and funnels this data into the appropriate audit modules. The system uses Al-assisted processing (including OCR for scanned documents) and a classification engine to interpret and sort incoming data into the categories relevant for compliance. Once the data is captured, it is automatically evaluated against the pertinent audit standards. The unit triggers the corresponding audit procedures and checks in real-time, populating the structured questionnaires and / or rules mentioned above with the new data. It then executes as many audit procedures as possible automatically (e.g., performing calculations, comparisons, or consistency checks, etc.) and simultaneously generates the necessary documentation as audit evidence (e.g., working papers).

[0141] According to some embodiments, whenever a piece of information requires human judgment or input (for example, an explanation from management), the system presents a tailored query to the user through the questionnaire interface. All of this happens in a synchronized workflow. A simple illustration is when a trial balance is uploaded: the system automatically compiles it into draft financial statements and then immediately applies the relevant audit procedures through a mix of automated checks and user prompts. Some data fields in the working papers get filled in instantly by the system (since the numbers are already available), and the system flags any remaining fields for the auditor to complete. In this way, the audit and compliance unit maintains the financial data and the audit process tightly aligned, ensuring that as the data changes or new information arrives, the corresponding audit steps and compliance checks are updated as well. According to some embodiments, the system may facilitate database structure supporting modularity and client-specific adaptation. The system may rely on a robust database and / or knowledge base that ties together the audit standards, the questionnaires and / or rules derived from them, and the financial data inputs. This database is modular and highly adaptable. The core structure (e.g., the audit questionnaires and / or logic) is general-purpose - it encompasses all standard audit requirements - but it can be configured for each client's situation without changing the underlying standards compliance. Optionally, the system can tailor the audit program based on the audit client's industry, size, complexity, and the engagement scope. For example, certain audit procedures or entire modules might be skipped or simplified for a small sized client, whereas they would be fully applied for a large public company - the difference is handled by configuration settings and relevance logic built into the database.

[0142] According to some embodiments, the database is coupled to the data collection and analysis modules of the system. Optionally, as data is collected, it gets classified and stored in a structured form, and mapped to the corresponding audit categories (accounts, transaction classes, control tests, etc.). This tight coupling means that the moment data is recorded in the system's database, it is available in real time to all the relevant audit procedures. The design supports ongoing updates - if the client's accounting data changes or new documents are received, the database records update and the system intelligently propagates those changes through the audit workflows. While the system provides templates and default mappings, it allows firm-specific or engagement-specific customization (for instance, an audit firm can incorporate its internal policies or add custom checks), all within the same framework. Despite this flexibility, the outputs remain fully compliant with audit standards as the underlying engine always enforces the baseline requirements. Some embodiments relate to the structure and role of the audit and compliance unit. The Audit and Compliance Unit is the processing engine that links the two worlds of (a) regulatory audit standards and (b) live financial data. Optionally, it comprises several sub-components working in concert: a rules engine (the codified audit questionnaires and logic), a data mapping interface, and a workflow controller. The rules engine is essentially an expert system reflecting the audit standards - it determines which audit procedures or questions apply given the context. The data mapping interface takes incoming data (from the Data Collection Unit or external sources) and populates the relevant fields or parameters for those audit rules. The workflow controller then orchestrates the execution of tasks according to the standards' logic, ensuring that each step is completed in the correct order and that prerequisites (if any) are satisfied before moving on. In simpler terms, the Audit and Compliance Unit automatically associates pieces of financial data with the corresponding audit requirements and recommends the user what to do next.

[0143] As used herein, the unit is "unified" in the sense that the same integrated unit handles both audit tasks and compliance checks together as one and the same in this system. Optionally, once configured, the unit operates largely automatically: as described, it may carry out computations and generate documents on its own, only involving human auditors for inputs that require professional judgment or verification. The auditor interacts with the unit via the questionnaires (e.g. answering clarifying questions, confirming exceptions, or providing explanations), but the unit drives the process by indicating what information is needed and performing all routine steps. Regarding deployment, this Audit and Compliance Unit is implemented in software - it can run on standard server hardware or cloud platforms as part of the system's processing arrangement.

[0144] According to some embodiments, the system facilitates real-time mapping of data to standards. Optionally, the unit is versatile enough to be reused across multiple clients. Optionally, the core audit and compliance logic once developed is then leveraged for each new client by feeding in that client's data and selecting the applicable standards and / or rules for that engagement. In cases where a new type of data or a new regulation comes into play, the system can be updated (by developers or even through machine- learning-based insights in future versions). Optionally, on a day-to-day basis, for each audit engagement, the unit functions automatically using its established rule set. The Audit and Compliance Unit serves as the intelligent hub of the system, continuously linking data with the legal criteria and recommending, with minimal human intervention, how to apply the audit procedures to that data.

[0145] According to some embodiments, the system may provide innovative real-time compliance and output generation. The system facilitates integration of audit standards into a real-time automated processing pipeline. Traditional audit software tools are mostly passive repositories - for example, they might provide electronic checklists or document templates, but they do not automatically ingest client data and enforce compliance steps in an ongoing manner. In contrast, the system's Audit and Compliance Unit actively drives the audit in real time. As financial information comes in or existing data changes, the system immediately re-runs the relevant audit checks and updates all related working papers and reports. Therefore, the auditor's working papers and conclusions are always synchronized with the latest data, and the final outputs (e.g., the auditor's report) can be generated with confidence that they reflect up-to-the-minute information.

[0146] According to some embodiments, the system provides a largely automated production of a complete audit file including risk assessments, test results, reconciliations, and all required documentation which is compliant with all applicable audit standards. The auditor's report and other deliverables are essentially the natural by-product of a systematically guided process rather than a separate manual write-up, as in traditional methods conducting audits. This real-time, standards-driven approach not only improves efficiency but enhances compliance quality: the system never "forgets" a required procedure or omits necessary documentation, because those requirements are baked into its programming. The Audit and Compliance Unit innovatively combines the dynamic data environment of modern accounting systems with the strict requirements of audit standards, enabling a continuous audit process.

[0147] According to some embodiments, the Audit and Compliance Unit may enable a computer system to perform complex audit procedures in line with audit standards. The system may facilitate integrating live financial data streams with codified audit rules to produce compliant audit outputs automatically.

[0148] These embodiments are provided by way of example and are in no means intended to limit the scope of the invention.

[0149] While the invention has been described in its preferred form or embodiment with some degree of particularity, it is understood that this description has been given only by way of example and that numerous changes in the details of construction, fabrication, and use, including the combination and arrangement of parts, may be made without departing from the spirit and scope of the invention.

[0150] GENERAL

[0151] It is expected that during the life of a patent maturing from this application many relevant building technologies, artificial intelligence methodologies, computer user interfaces, image capture, and devices will be developed and the scope of the terms for design elements, analysis routines, user devices is intended to include all such new technologies a priori.

[0152] Unless otherwise defined, all technical and / or scientific terms used herein have the same meaning as commonly understood by one of ordinary skills in the art to which the invention pertains. Although methods and materials similar or equivalent to those described herein can be used in the practice or testing of embodiments of the invention, exemplary methods and / or materials are described below. In case of conflict, the patent specification, including definitions, will control. In addition, the materials, methods, and examples are illustrative only and are not intended to be necessarily limiting.

[0153] As will be appreciated by one skilled in the art, some embodiments of the present invention may be embodied as a system, method or computer program invention. Accordingly, some embodiments of the present invention may take the form of an entire hardware embodiment, an entire software embodiment (including firmware, resident software, micro-code, etc.) or an embodiment combining software and hardware aspects that may all generally be referred to herein as a "circuit," "module" or "system." Furthermore, some embodiments of the present invention may take the form of a computer program product embodied in one or more computer readable medium(s) having computer readable program code embodied thereon. Implementation of the method and / or system of some embodiments of the invention can involve performing and / or completing selected tasks manually, automatically, or a combination thereof. Moreover, according to actual instrumentation and equipment of some embodiments of the method and / or system of the invention, several selected tasks could be implemented by hardware, by software or by firmware and / or by a combination thereof, e.g., using an operating system.

[0154] For example, hardware for performing selected tasks according to some embodiments of the invention could be implemented as a chip or a circuit. As software, selected tasks according to some embodiments of the invention could be implemented as a plurality of software instructions being executed by a computer using any suitable operating system. In an exemplary embodiment of the invention, one or more tasks according to some exemplary embodiments of method and / or system as described herein are performed by a data processor, such as a computing platform for executing a plurality of instructions. Optionally, the data processor includes a volatile memory for storing instructions and / or data and / or a non-volatile storage, for example, a magnetic hard-disk and / or removable media, for storing instructions and / or data. Optionally, a network connection is provided as well. A display and / or a user input device such as a keyboard or mouse are optionally provided as well.

[0155] Any combination of one or more computer readable medium(s) may be utilized for some embodiments of the invention. The computer readable medium may be a computer readable signal medium or a computer readable storage medium. A computer readable storage medium may be, for example, but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, or device, or any suitable combination of the foregoing. More specific examples (a non- exhaustive list) of the computer readable storage medium would include the following: an electrical connection having one or more wires, a portable computer diskette, a hard disk, a random access memory (RAM), a read-only memory (ROM), an erasable programmable read-only memory (EPROM or Flash memory), an optical fiber, a portable compact disc read-only memory (CD-ROM), an optical storage device, a magnetic storage device, or any suitable combination of the foregoing. In the context of this document, a computer readable storage medium may be any tangible medium that can contain, and / or store a program for use by or in connection with an instruction execution system, apparatus, or device.

[0156] A computer readable signal medium may include a propagated data signal with computer readable program code embodied therein, for example, in baseband or as part of a carrier wave. Such a propagated signal may take any of a variety of forms, including, but not limited to, electro-magnetic, optical, or any suitable combination thereof. A computer readable signal medium may be any computer readable medium that is not a computer readable storage medium and that can communicate, propagate, or transport a program for use by or in connection with an instruction execution system, apparatus, or device. Program code embodied on a computer readable medium and / or data used thereby may be transmitted using any appropriate medium, including but not limited to wireless, wireline, optical fiber cable, RF, etc., or any suitable combination of the foregoing.

[0157] Computer program code for carrying out operations for some embodiments of the present invention may be written in any combination of one or more programming languages, including an object-oriented programming language such as Java, Smalltalk, C++ or the like and conventional procedural programming languages, such as the "C" programming language or similar programming languages. The program code may execute entirely on the user's computer, partly on the user's computer, as a stand-alone software package, partly on the user's computer and partly on a remote computer or entirely on the remote computer or server. In the latter scenario, the remote computer may be connected to the user's computer through any type of network, including a local area network (LAN) or a wide area network (WAN), or the connection may be made to an external computer (for example, through the Internet using an Internet Service Provider).

[0158] Some embodiments of the present invention may be described below with reference to flowchart illustrations and / or block diagrams of methods, apparatus (systems) and computer program products according to embodiments of the invention. It will be understood that each block of the flowchart illustrations and / or block diagrams, and combinations of blocks in the flowchart illustrations and / or block diagrams, can be implemented by computer program instructions. These computer program instructions may be provided to a processor of a general-purpose computer, special purpose computer, or other programmable data processing apparatus to produce a machine, such that the instructions, which execute via the processor of the computer or other programmable data processing apparatus, create means for implementing the functions / acts specified in the flowchart and / or block diagram block or blocks.

[0159] These computer program instructions may be stored in a computer readable medium that can direct a computer, other programmable data processing apparatus, or other devices to function in a particular manner, such that the instructions stored in the computer readable medium produce an article of manufacture including instructions which implement the function / act specified in the flowchart and / or block diagram block or blocks.

[0160] The computer program instructions may be loaded onto a computer, other programmable data processing apparatus, or other devices to cause a series of operational steps to be performed on the computer, other programmable apparatus or other devices to produce a computer implemented process such that the instructions which execute on the computer or other programmable apparatus provide processes for implementing the functions / acts specified in the flowchart and / or block diagram block or blocks.

[0161] Data and / or program code may be accessed and / or shared over a network, for example the Internet. For example, data may be shared and / or accessed using a social network. A processor may include remote processing capabilities, for example available over a network (e.g., the Internet). For example, resources may be accessed via cloud computing.

[0162] The terms "cloud computing" and "the cloud" are used interchangeably, and may refer to the use of computational resources that are available remotely over a public network, such as the internet, and which may may be searched for data. Any virtual or physical computer that is in electronic communication with such a public network could potentially be available as a computational resource. The cloud may provide computational resources via a remote network on a secure basis, computers that access the cloud network may employ standard security encryption protocols such as SSL and PGP, which are well known in the industry.

[0163] Some of the methods described herein are generally designed only for use by a computer, and may not be feasible or practical for performing purely manually, by a human expert. A human expert who wanted to manually perform similar tasks might be expected to use completely different methods, e.g., making use of expert knowledge and / or the pattern recognition capabilities of the human brain, which would be vastly more efficient than manually going through the steps of the methods described herein.

[0164] As used herein the term "about" refers to ± 10%

[0165] The terms "comprises", "comprising", "includes", "including", "having" and their conjugates mean "including but not limited to".

[0166] The term "consisting of" means "including and limited to".

[0167] The term "consisting essentially of" means that the composition, method or structure may include additional ingredients, steps and / or parts, but only if the additional ingredients, steps and / or parts do not materially alter the basic and novel characteristics of the claimed composition, method or structure.

[0168] As used herein, the singular form "a", "an" and "the" include plural references unless the context clearly dictates otherwise.

[0169] Modifications to embodiments of the present disclosure described in the foregoing are possible without departing from the scope of the present disclosure as defined by the accompanying claims. Expressions such as "including", "comprising", "incorporating", "have", "is" used to describe and claim the present disclosure are intended to be construed in a non-exclusive manner, namely allowing for items, components or elements not explicitly described may be present. Reference to the singular is to be construed to relate to the plural where appropriate. Throughout this application, various embodiments of this invention may be presented in a range format. It should be understood that the description in range format is merely for convenience and brevity and should not be construed as an inflexible limitation on the scope of the invention. Accordingly, the description of a range should be considered to have specifically disclosed all the possible subranges as well as individual numerical values within that range. For example, description of a range such as from 1 to 6 should be considered to have specifically disclosed subranges such as from 1 to 3, from 1 to 4, from 1 to 5, from 2 to 4, from 2 to 6, from 3 to 6 etc., as well as individual numbers within that range, for example, 1, 2, 3, 4, 5, and 6. This applies regardless of the breadth of the range.

[0170] Whenever a numerical range is indicated herein, it is meant to include any cited numeral (fractional or integral) within the indicated range. The phrases "ranging / ranges between" a first indicate number and a second indicate number and "ranging / ranges from" a first indicate number "to" a second indicate number are used herein interchangeably and are meant to include the first and second indicated numbers and all the fractional and integral numerals therebetween.

[0171] It is appreciated that certain features of the invention, which are, for clarity, described in the context of separate embodiments, may be provided in combination in a single embodiment. Conversely, various features of the invention, which are, for brevity, described in the context of a single embodiment, may be provided separately or in any suitable sub-combination or as suitable in any other described embodiment of the invention. Certain features described in the context of various embodiments are not to be considered essential features of those embodiments, unless the embodiment is inoperative without those elements.

[0172] Although the invention has been described in conjunction with specific embodiments thereof, it is evident that many alternatives, modifications and variations will be apparent to those skilled in the art. Accordingly, it is intended to embrace all such alternatives, modifications and variations that fall within the spirit and broad scope of the appended claims.

[0173] All publications, patents and patent applications mentioned in this specification are herein incorporated in their entirety by reference into the specification, to the same extent as if each individual publication, patent or patent application was specifically and individually indicated to be incorporated herein by reference. In addition, citation or identification of any reference in this application shall not be construed as an admission that such reference is available as prior art to the present invention. To the extent that section headings are used, they should not be construed as necessarily limiting.

Claims

CLAIMSWhat is claimed is:

1. An intelligent platform for recommending financial advice using a custom data collection process, to a user, wherein the intelligent platform (100) comprising: a data collection module configured to collect real-time data associated with a plurality of financial streams; a database arrangement operatively coupled to the data collection module, wherein the database arrangement comprises a plurality of audit standards or other professional standards for financial processes, associated with the plurality of financial streams; a processing arrangement communicably coupled to the database arrangement via a data communication network, wherein the processing arrangement is configured to: receive the real-time data from the plurality of financial streams; characterize the plurality of audit standards associated with the plurality of financial stream, creating a unified audit and compliance unit; and integrate and connect each of the plurality of financial streams with the unified audit and compliance unit; an artificial intelligence (Al) module for analyzing the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a customized query-based process for gathering and validating specific customized information from the user, configured for determining customized insights associated thereof, wherein the Al module analyzes the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific personalized information from the user, configured to provide insights of at least one of a financial or audit processes; a document generator for generating at least one report associated with at least one financial or audit process based on the analysis of the real-time data; anda display arrangement communicably coupled to the document generator, configured for displaying the generated at least one report, and recommending advice to the user.

2. The intelligent platform of claim 1, further comprises a user interface configured for receiving a user input in form of at least one query thereof via at least one user, and wherein at least one query is associated with querying the data relevant to at least one of the plurality of financial stream.

3. The intelligent platform of claim 2, wherein the user interface displays data associated with at least one of the plurality of financial stream, to the display arrangement, based on at least one query.

4. The intelligent platform of claim 1, wherein the plurality of financial streams refer to the data associated with multiple aspects of the plurality of financial processes, and wherein the multiple aspects of the plurality of financial processes comprises at least one of bookkeeping, audit, tax, and financial management.

5. The intelligent platform of claim 1, wherein the Al module is trained using the data from the plurality of financial streams, and thereby optimizes each of the plurality of financial processes.

6. The intelligent platform of claim 1, is configured to operate in a cloud-based architecture for providing seamless access and real-time updates.

7. The intelligent platform of claim 1, wherein the Al module is configured to automate at least one of the financial processes.

8. The intelligent platform of claim 1, wherein the display arrangement displays data associated with analyzed insights, and wherein the displayed data corresponds to insightful data in form of the generated report, and relevant data analytics.

9. The intelligent platform of claim 1, further comprises an API integration module for providing integration thereof with existing systems.

10. The intelligent platform of claim 1, further comprises an Optical character recognition, OCR module for automating extraction of data, minimizing reliance on manual input, and ensuring an error-free process.

11. The intelligent platform of Claim 1, wherein each of the plurality of audit standards comprises: roles and responsibilities; risk assessment and response to assessed risks; audit evidence; using data from external sources; and audit conclusion and reporting.

12. A method for recommending financial advice to a user using a custom data collection process, the method comprises: collecting real-time data associated with a plurality of financial streams using a data collection module; accessing a database arrangement operatively coupled to the data collection module, wherein the database arrangement comprises a plurality of audit and other professional standards linked with the plurality of financial streams; receiving the real-time data from the plurality of financial streams via a processing arrangement communicably coupled to the database arrangement through a data communication network; characterizing the plurality of audit and other professional standards associated with the plurality of financial streams into a unified audit and compliance unit; integrating and connecting each of the plurality of financial streams with the unified audit and compliance unit;utilizing an Artificial Intelligence (Al) module to analyze the real-time data from the plurality of financial streams using the unified audit and compliance unit and thereby creating a personalized query-based process for gathering and validating specific personalized information from the user, for determining personalized insights associated thereof; analyzing via the Al module, the real-time data from at least one of the plurality of financial streams in the unified audit and compliance unit, and the specific personalized information from the user, to provide insights of at least one financial or audit processes, thereby supporting and documenting thereof; generating at least one report associated with at least one financial or audit process using a document generator; and displaying the generated at least one report using a display arrangement communicably coupled to the document generator, and thereby recommend an advice thereof.

13. The method of claim 12, wherein the advice includes one or more of what actions and / or audit procedures should be taken, what questions should be answered, what needs to be documented, what is a next step, what conclusion should be drawn regarding a going concern assumption and how to implement it, or a combination thereof.

14. A computer implemented method for real time auditing and / or accounting, the method comprising: supplying a database of audit or other professional standards translated into computer actionable instructions; integrating a plurality of financial streams with the database to define relevant data and computations of an audit; collecting the financial streams; extracting data from the financial streams; updating the computations in real time; andgenerating a working paper delineating effects of the financial streams.

15. The method of claim 14, wherein the database includes ISA or other audit standards or other professional standards translated into computer actionable instructions.

16. The method of claim 14, wherein the financial streams include data from an accounting system of a client and / or information provided by the client, results of inquiries with the client and / or third parties, previous conclusions drawn, or a combination thereof.

17. The method of claim 14, further comprising: evaluating of misstatements identified during the audit in accordance with ISA 450; and incorporating results of said evaluating into an evaluation of materiality in planning and performing an audit in accordance with ISA 320.

18. The method of claim 14, further comprising: auditing fair value measurement and disclosures in accordance with ISA 520; and incorporating results of said auditing into queries to an expert according to ISA 620.

19. The method of claim 14, further comprising: determining a viability of a going concern in accordance with ISA 570 and incorporating results of said determining into a matter paragraph according to ISA 706.

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