Ongoing projects

Development of Artificial Intelligence Solutions by Regrally technologies, UAB

Duration: 06/2024 – 07/2025

Project value: EUR 143,314.00

EU funding: EUR 85,988.00

Regrally technologies, UAB aims to develop an intelligent tool for the provision of internal audit/legal and operational compliance services to improve the quality and reliability of operational, legal and management information.

The project addresses the following problems: the problem of qualified professionals and remuneration. It is difficult to find qualified auditors and specialists to perform audit/legal gap analysis (compliance verification), who would be able to perform quality audit/checking in a short period of time and for an attractive remuneration. The number of audited companies is increasing with the rising requirements in the European Union, the increase of heavily regulated areas (anti-money laundering, governance, data protection, the increasing number of licensed financial institutions, etc.).

Audited/inspected companies often choose not to use audit/inspection services because they are too costly. It should also be noted that audit/verification will be effective if it is carried out annually. This process involves review, analysis and evaluation to ensure that the information complies with applicable legislation, international standards and proper accounting and management practices. An audit/verification may be carried out to verify the accuracy and reliability of management, operational and financial information, as well as to identify possible errors and inaccuracies.

The issue of accuracy and reliability of audit/compliance verification. Audit/compliance verification is an important process that helps to ensure the transparency, reliability and confidence in a company's financial information, both internally and externally, for example, to creditors, investors, consumers or public authorities. Errors and uncontrolled risks can therefore lead to inadequate audit/compliance checks performance. The problem of timing and time set up. The duration of an audit/compliance performance can be highly dependent on a variety of factors such as the size of the company, the complexity of the activity, the objectives of the audit/compliance performance and the availability of resources.

Typically, an internal audit/compliance performance can take from a few weeks to several months. Other factors may also influence the duration of an audit/compliance performance, such as whether it is the first audit/compliance performance or a periodic one, or whether there are specific issues and challenges faced by the auditors.

An audit/compliance review is a comprehensive process that includes information gathering, analysis, document review, testing and reporting. Auditors/compliance verifiers may also interact with the company's employees and managers to obtain further information or explanations. The final duration of the audit/compliance review will be determined by the specific conditions associated with each internal audit or compliance review procedure performed. Poor time planning and management may result in projects being delayed or not meeting the planned schedule. This may be due to inaccurate estimation of the duration of the audit/compliance performance, insufficient time allocated to tasks or insufficient prioritisation.

Communication problems. Insufficient or ineffective communication between project participants can lead to misunderstandings, errors or delays. This may be due to unclear communication, use of inadequate communication channels or language barriers. Resource management problems. Auditors/compliance verifiers often face challenges related to limited or inadequately allocated resources. This may include inadequate staff, financial or material resources, which can lead to delays, quality problems or missed targets.

Quality problems. Audits/verification reports may encounter quality problems, which may include poor or inadequate work performed, erroneous decisions or inadequate quality control. This can have a negative impact on audit/compliance verification results and customer satisfaction.

Risk management issues. Audits/compliance verification checks always involve some risks and their management is important. Problems may arise from inadequate risk identification, assessment or inadequate application of a risk mitigation or management plan. To address these issues, it is important to have an appropriate audit/compliance verification methodology for audit/compliance verification development and management, effective communication, appropriate resource allocation and ongoing monitoring and process management.

We plan to address all these issues within the scope of the project through the use of Artificial Intelligence, which will enable us to manage all these risks/problems by optimising all the processes of conducting audits/compliance verification checks.