The cost of fraud in the UK is an astonishing £130bn per year, $2.1tn internationally. Working with Loughborough University, we have developed a unique application that provides the highest level of error and fraud detection ever achieved by algorithmic analysis. ACIES will revolutionise the accountancy world and make a hugely positive impact on the worldwide economy by minimising losses to fraud that currently stand at billions per annum. Our initial target market is all audit accountancy practices in the United Kingdom – 6,000 plus, with a longer term unlimited objective of international expansion.
Major players including EY, BDO, KPMG and HMRC have already signalled a high level of interest in our innovative solution. So what is the current practice among audit organisations? Most, including our partners, randomly ‘spot’ check approximately 10% of all transactions. We believe that this only scratches the surface of potential fraud and misuse of funds. ACIES screens 100% of transactions and simply identifies those that could merit further investigation, which will in turn uncover and detect unusual, unexpected and fraudulent activity. This level of screening transactions with further examination will ensure that all companies can be thoroughly audited, no matter their size, a possibility which could not have been formerly envisaged due to the incremental workload cost that would have been incurred. ACIES is a highly flexible system which can be adapted for other industries, such as the massive insurance sector and as importantly, can be easily tailored to match different international taxation policies. ACIES – transforming the auditing of fraud.