Over the past 11 years Fraxses has proved its versatility across industries, solving data challenges regardless of scale, complexity or how messy and scattered the underlying information may be. The platform has been tested across a wide range of use cases and has consistently delivered the solutions customers need.
Alongside its versatility, Fraxses has also shown the potential to transform specific domains, one of the most promising of these being the world of audit. As far back as 2022 we argued that Fraxses could be a game-changer for the audit profession, publishing our white paper The Transformation of Internal Audit and an accompanying blog to outline that vision.
In the intervening three years, the Fraxses platform has advanced considerably. The recent addition of the Data Intelligence module in particular, with its ontology-driven common data models and embedded rules, has made Fraxses an even more powerful audit tool. And importantly, we now have a series of compelling real-world use cases that demonstrate our long-held contention that Fraxses presents the audit profession with a solution like no other.
As you read this, Fraxses is being used to great effect in several major engagements across the world, including key public sector audits. In this blog, the first in a two-part series, we turn the spotlight on one of the most significant of these engagements, now in its fourth year: the audit of a national utility.
In 2022, a global professional services firm, having recognised the platform’s potential in the audit space, partnered with Intenda to integrate Fraxses into its audit strategy for the utility. The project centres on recalculating usage charges and addresses the long-standing challenge of validating billing accuracy by reconciling financial data from SAP with readings from multiple operational systems.
The scale of this audit is extraordinary: more than eight billion records ingested, recalculated and validated by a core team of just three people. Traditional methods could not handle this volume of data, nor could they provide the confidence or meet the required timeframes for such a critical audit. With the implementation of Fraxses, a data challenge that previously seemed insurmountable was swiftly overcome.
By virtualising access to the utility’s financial and operational datasets, Fraxses enabled Audit teams to run full-population recalculations in place without copying or moving data. Automated substantive tests and reusable control frameworks reduced duplicated effort, while cross-functional access ensured that audit requirements were met from a single source of truth.
In year one the recalculation ran 40% over schedule due to sheer data complexity, however, after the first year of the audit Fraxses quickly began to deliver compounding benefits. In the second year the full audit was completed 15-20% ahead of projections, and in year three quarterly runs were completed in just two to four weeks.
These improvements translated into full-population coverage that gave auditors and stakeholders high levels of assurance, along with significant cost savings through reuse of prior-year work and faster onboarding for new team members and clients. Cross-source reconciliation delivered consistent, reliable results, while the professional services firm’s Audit team gained quicker access to the data than through the utility itself.
As demonstrated by these remarkable gains, Fraxses delivers improved efficiency and raises the bar for audit, enabling large-scale, data-driven engagements that combine speed, assurance and accountability with reduced cost and effort.
Fraxses delivers improved efficiency and raises the bar for audit, enabling large-scale, data-driven engagements that combine speed, assurance and accountability with reduced cost and effort.
With this engagement now in its fourth cycle, Fraxses has demonstrated its capacity to transform not only public sector audits but the audit profession at large. Planned next steps include expanding the use of Fraxses within the professional services firm, standardising it as the preferred platform for complex large-enterprise audits, building AI models on top of the Data Intelligence module to automate compliance and regulatory reporting, and developing audit solution templates with reusable control libraries and automation workflows.
Together, these advances highlight how Fraxses equips the audit profession with the technology and tools to move beyond sampling and manual reconciliation, towards a digital future where accuracy, assurance and scale come as standard. And this is just the start.
Thank you for contacting us.
We will be in touch shortly.
