Aahel Iyer
Co-Founder, Midship
March 3, 2024
Audit firms are at the forefront of a major shift. With AI, they have the opportunity to navigate rising labor costs, tighter deadlines, and growing regulatory demands with ease.
Right now, firms spend countless hours on manual tasks—sorting PBC documents, running sample tests, and reconciling data. But what if those processes could be streamlined, freeing up time for deeper insights and higher-value work?
Midship is making that possible.
Where we started
Midship started as a document data extraction company, helping firms process unstructured information from invoices, contracts, and work papers. But after working closely with auditors, we realized that the biggest challenges in audit go far beyond document processing.
Our background comes from the Big Four, where we worked on the technology side and saw these challenges firsthand. The real bottleneck isn’t just data extraction; it’s how that data is structured, analyzed, and validated within audit workflows.
Given our background here, we decided to go deeper—to build an AI platform designed specifically for the unique challenges of audit. Midship doesn’t just extract data; it transforms how audits are conducted, making engagements faster, smarter, and more accurate.
We're building AI for and with Auditors
Midship isn’t another generic automation tool—it’s an AI platform built specifically for financial audit teams. It integrates seamlessly into existing workflows, bringing intelligence and efficiency to every stage of an engagement:
Turn Documents Into Workpapers Instantly – AI auto-matches PBC documents to samples, eliminating manual sorting and reconciliation.
Automate Key Audit Procedures – AI-powered tests ensure accuracy, completeness, and compliance across revenue, payables, receivables, and more.
Seamless Excel Integration – No need to learn new software. Midship runs inside Excel, allowing auditors to apply AI while working in familiar spreadsheets.
Full Transparency & Control – Every AI-generated result is reviewable, linked to supporting documents, and fully auditable.
The Midship Impact: Lower Costs, More Clients
There are two primary ways Midship transforms audit firms:
Lowering Internal Costs – By automating document handling, reconciliation, and sampling, firms cut engagement hours by up to 50%, reducing labor costs significantly.
Scaling Without Hiring – Faster audits mean firms can complete more engagements without adding staff, increasing revenue potential.
Let's take an example
Imagine a mid-sized audit firm handling a $500K engagement with a tight deadline. Traditionally, they might allocate:
3 auditors over 4-6 weeks
500 hours spent on manual work—sorting documents, reconciling accounts, and testing samples
After Midship:
40-50% reduction in manual work – Document processing and reconciliation are automated.
Fewer engagement hours – Time spent drops from 500 to ~300 hours, saving $10,000–$15,000 per engagement.
More thorough audits – AI increases sampling coverage and accuracy, reducing the risk of missed errors and costly rework.
Higher firm profitability – More engagements can be taken on without increasing headcount.
Faster Timelines, More Clients, Greater Revenue
A firm that was previously limited to 50 audits per year can now complete 70+ audits annually—without hiring more staff. More revenue, higher margins, and a stronger competitive edge.
Increase capacity by 30-40%
Take on 15-20 more audits per year
Generate hundreds of thousands to millions in additional revenue
For firms handling 100+ audits annually, these savings compound. Firms could realize $1M+ in annual cost savings, all while doubling client capacity.
Big 4 grade AI for every firm.
The Big Four are already proving that AI-powered audit is the future. Now, mid-market and regional firms have the same opportunity.
Midship brings Big Four-level AI within reach, without requiring massive investments or technical expertise. Firms that act now will be ahead of the curve—operating faster, smarter, and more profitably in a competitive industry.
