Menzies selects Platformed to automate IT audits, reducing time to completion and unlocking new services for its clients

Platformed's AI-powered TPRM offering ensures consistent and high-quality results for Menzies across all IT aspects of financial audits, and enables the firm to offer additional IT audit services across multiple frameworks

Partnership signals new opportunities for efficiency across global auditing industry

LONDON, Dec. 18, 2024 /PRNewswire/ -- Platformed, the AI-powered third-party risk management (TPRM) software provider, today announced Menzies LLP, a leading global business advisory and accountancy firm, has selected Platformed's TPRM offering to standardize its IT audit process for statutory financial audits.

Menzies has started using Platformed to support ISA 315 assessments as part of statutory audits for its clients, and is considering offering additional IT audit services to its clients across multiple frameworks in the future.

"Aside from the important legal requirements, audits provide important and valuable insight for our clients. Working with Platformed ensures we will be able to offer a consistent and high-quality approach across all our audits. With this partnership, we will empower our auditors to work more efficiently, raising the bar even further on audit quality and maintaining high consistency. As a result, we will be able to unlock more value for our clients and, in the future, offer additional IT audit services beyond the statutory ISA 315 scope, allowing them to access more services from a single provider." Tom Woods, Partner (Head of Audit), Menzies LLP

Founded in 1912, Menzies is a leading business advisory and accountancy firm with global reach - serving clients from mid-sized to large privately-held corporates, non-profits, and individuals. The firm is focused on optimizing its clients financially, operationally, and strategically across Audit, Tax & Compliance, Accounts Advisory, Financial Planning, and Transaction Services. Menzies is a member of the HLB International network, a global network of independent advisories.

"Both Menzies and its clients operate in industries that place a huge emphasis on trust and transparency, and audits are an integral part of maintaining that trust. Platformed's technology allows Menzies to unlock higher value-add services that result in its clients being more compliant, secure, and successful. We look forward to supporting Menzies as it expands its audit services." Henry Irish, CEO and Founder, Platformed

Platformed's IT Audit offering has been developed to enable audit firms to meet the increasing IT audit requirements of ISA 315 and other frameworks with efficiency and precision. Platformed's AI system discovers risks and assesses control compliance by mapping the client's data and context, performing a preliminary assessment automatically. Auditors can review these insights, make necessary adjustments, and request additional data from clients when required, using collaborative workflow features. Reports generated by Platformed are easily integrated into auditors' existing templates, while detailed evidence packs ensure comprehensive record-keeping for case management systems.

For more information, please visit: platformed.com

About Platformed

Platformed's third-party risk management (TPRM) software is for enterprise businesses who operate with large digital supply chains in highly regulated markets, and the companies that sell into them. Assess the risk of a supplier in real-time - throughout the relationship - with high-quality data and no due diligence delays. Platformed provides actionable, detailed risk data on your full supply chain, assessed against your own bespoke controls with detailed first-party information in-the-moment. Respond to changes in the risk environment in real-time with Platformed.

Logo - https://mma.prnewswire.com/media/2583030/Platformed_Logo.jpg