What’s new in MindBridge?

Enhance your financial analysis with MindBridge's Q2 2024 release, designed to streamline your workflows, elevate operational efficiency, and reinforce error detection in financial datasets. This release introduces new anomaly detection techniques focused on accuracy in financial reporting and an optimized MAC v.2 code set to simplify onboarding and enable a seamless transition from raw data to actionable insights. Plus, new advanced filtering makes navigating complex datasets faster and more intuitive than ever, so you can discover critical insights and boost your decision-making precision.

Experience the next level of financial data analysis with MindBridge today:

• New and updated control points for General Ledger (“GL”) analyses
• New streamlined MindBridge Account Classification (“MAC”) code system
• New flexibility to manage account grouping within engagements
• New basic and advanced dashboard filters
• Enhancements to the MindBridge API
• General improvements

New capabilities for Q2

MindBridge releases several updates a year with both new and improved capabilities and features.

Control point bundle v.6

This update introduces new and updated control points to MindBridge’s GL analysis. In addition to below, review other notable control point changes included in this bundle.

New Unusual Digit Sequence and Unusual Digit Combination control points automatically pinpoint transposition errors — a common issue that impacts up to 1% of GL entries. With these enhanced capability, auditors and financial controllers can concentrate on the accuracy of the financial reporting and dramatically reduce the time spent on manual error checks, freeing up crucial resources for strategic tasks.

Learn about the Unusual Digit Sequence control point

Learn about the Unusual Digit Combination control point

New customizable version of 2 Digit Benford allows your team to leverage multiple currencies from your financial reporting structure, such as local or document currencies, and flags entries with amounts that do not align with the expected distribution of amounts.

Learn about the customizable 2 Digit Benford control point

MAC v.2

MAC v.2 revolutionizes financial reporting by aligning with international auditing standards. By focusing on the nature of the GL accounts, MindBridge can adapt seamlessly across industries in order to deliver consistent analysis results. The optimized classification system speeds up account grouping creation up to 5x with intuitive category labels that can be used across various account groups and industries.

Learn more about MAC v.2

Review the notable changes between MAC v.1 and MAC v.2

Review the FAQ for MAC v.2

Flexible account grouping

New flexible features allow your team to manage account groupings and MAC mappings within their engagements, such as appending new accounts and removing unused accounts. This update empowers newly-onboarded MindBridge users (as well as those who may have less training or technical skills) to easily align MindBridge with the financial statements under audit. Plus, your team can now review account balances before running an analysis, saving time and increasing confidence in the accuracy of the accounts and mappings.

Learn about account grouping methodology in MindBridge

Learn about flexible account grouping in the engagement settings

Review the new flexibility provided in the Verify accounts workflow

New filtering capabilities

The Data table dashboard in GL analyses now offers basic and advanced filtering. These filter enhancements introduce new dashboard filters to the analysis results, and allow your team to create and apply advanced filters that can be saved and shared for future use. Advanced filters support the creation of bracketed expressions to enhance flexibility, allowing for improved sample selection and more accurate risk assessment based on account balances, entity details, and risk levels. Plus, now populations can be added to advanced filters and saved for personal use or shared across the engagement.

Learn about filters on the Data table dashboard

Learn about advanced filtering in MindBridge

Improvements

Usability

• New ability to duplicate previously run analyses into new or existing engagements on the Data page.
• When importing files into an analysis, the Data page now displays blue dots below each file name to indicate which step of the import process a given file has reached.
• When importing files into an analysis, file names are now displayed consistently on the Data page.
• New Run duration column in the Run history section on the Data page shows how long an analysis took to run. Learn more
• The "Run analysis" button on the Data page will now be hidden until the accounts have been verified.
• New Account structure section in the General ledger tab of the Engagement settings. Learn more
• Pre-analysis completeness check now available on the Review step of the Verify accounts workflow.
• Enhanced search bar allows exclusion of keywords from search results by prefixing keywords with "-" (for example, "Accounts -Receivable"). 
• New risk scoring permissions available in the library allow App Admins to control their teams' ability to disable risk scores and risk groups, as well as manage the accounts associated with each risk score.
• New custom account grouping ("MindBridge account grouping (MAC v.1)") available in Admin settings for mapping MAC v.1 codes to MAC v.2 codes.
• Updated MindBridge default libraries to use MAC v.2 code system.
• Updated the MindBridge account grouping template.
• Updated the MindBridge custom Expert Rules template, accessed through the Custom control points section in General ledger tab in the library. Learn more

Explainability

• New ability to view file details on the Data page via the info icon ( ) in line with a given file name.
• New columns with helpful tooltips in the Column mapping step of the import process.
• New tooltip for the Verify accounts workflow on the Data page.
• Data table dashboard exports now contain summary information in the GL settings sheet and include the relevant library.
• New ability to view summary statistics when creating populations in the Analysis settings or the Data table dashboard.
• Drop-down menus in analysis results dashboards now show the relevant context (above the menu) during and after making a selection.
• In analysis results dashboards, table columns that contain monetary values have been updated to indicate whether the amounts reflect net or gross values.

Scalability

• Improved handling of large transactions for faster analysis results and more accurate anomaly detection. Learn more
• Create Engagement page now includes the ability to duplicate existing analyses into the engagement being created.
• Create Engagement page now includes the ability to roll an analysis forward from an engagement that uses a different library.
• Create Engagement page now allows account grouping and account mapping settings to be imported for use in the engagement being created. These settings are selected in tandem with ratios and populations, and will override library settings.
• Custom Expert Rules control points created within the library now include the ability to assign a risk value to monetary flows that are considered complex, as well as monetary flows that do not match any of the defined rules. Learn more
• Updates made to library ratios and filters (i.e., adding, removing, or modifying) will no longer be automatically applied to existing engagements. To use updated ratios or filters, users can create a new engagement, which copies over library settings as they exist at that point in time. Learn more
  
  

MindBridge API

Refer to the API reference document for additional details and guidance on the updates below.

Account Groupings and Account Groups

Two new entities, Account Groupings and Account Groups, have been added. These entities are used to map a set of accounts in a financial hierarchy to MAC codes for use in analyses and reports.

• Adds new GET /account-groupings/{accountGroupingId} endpoint, which returns an account grouping identified by its ID.
• Adds new PUT /account-groupings/{accountGroupingId} endpoint, which updates an account grouping identified by its ID.
• Adds new DELETE /account-groupings/{accountGroupingId} endpoint, which deletes an account grouping identified by its ID.
• Adds new POST /account-groupings/query endpoint, which queries account groupings given a filter.
• Adds new POST /account-groupings/export endpoint, which exports an account grouping and all of its account groups within an Excel file.
• Adds new POST /account-groupings/import-from-chunked-file endpoint, which creates a new account grouping and account groups based on a provided Excel file.
• Adds new POST /account-groupings/{accountGroupingId}/append-from-chunked-file endpoint, which adds new account groups to an existing account grouping based on a provided Excel file.
• Adds new GET /account-groups/{accountGroupId} endpoint, which returns an account group identified by its ID.
• Adds new POST /account-groups/query endpoint, which queries account groups given a filter.
• Adds new PUT /account-groups/{accountGroupId} endpoint, which updates an account group identified by its ID.

Engagement Account Groupings

A new entity, Engagement Account Grouping, has been added. This entity is the parent record to Engagement Account Groups, which are used to map accounts to MAC codes for use in analyses and reports in the context of an engagement.

• Adds new GET /engagement-account-groupings/{engagementAccountGroupingId} endpoint, which returns an engagement account grouping identified by its ID.
• Adds new POST /engagement-account-groupings/query endpoint, which queries engagement account groupings given a filter.
• Adds new POST /engagement-account-groupings/export endpoint, which exports an engagement account grouping and all of its account groups within an Excel file.
  
  

Anything else on your mind? Chat with us or submit a request for further assistance.

• MACv2_AccountGroupingTemplate_May2024.xlsx70 KB