Midship

Midship is a revolutionary AI platform engineered to transform the landscape of internal audit and compliance, with a primary focus on Sarbanes-Oxley (SOX) testing. Developed by a team of veterans from Big 4 and Fortune 500 firms, Midship's mission is to augment audit professionals by automating the repetitive and time-consuming aspects of their work. The platform's AI agents are built upon the rigorous standards of the Institute of Internal Auditors (IIA) and are designed to autonomously perform SOX testing, analyze vast amounts of evidence, and create fully documented, review-ready work papers. This allows audit teams to shift their focus from manual grunt work to high-judgment, strategic tasks, thereby increasing their value to the organization. Midship claims the ability to automate over 85% of a typical SOX program, offering a significant boost in efficiency and a reduction in reliance on costly external consultants.

How to use Midship

The workflow for using Midship is designed for simplicity and seamless integration with existing audit processes, requiring no complex API setups to get started.

1. Upload Evidence: Begin by uploading your control evidence. This can be a simple document dump, including spreadsheets (like CSVs), PDFs, screenshots, and other relevant files. Midship's AI intelligently parses and classifies each document, matching it to the relevant control samples.
2. Define Test Procedures: Utilize Midship’s intuitive test builder to define the logic for any control test. You can configure everything from simple checks to complex, multi-step procedures. Simply instruct the AI on what to test, and it will apply that procedure consistently across all samples.
3. Automated Testing & Documentation: Once configured, Midship's AI agents execute the tests end-to-end. They follow your audit procedures, extract the necessary support from the uploaded documents, test the control attributes, and meticulously document every step of the process.
4. Review & Finalize: Review the generated work papers. Every conclusion, pass or fail, is supported by viewable links that trace directly back to the source documentary evidence. This creates a clear and defensible audit trail. The work papers are fully compatible with Excel, and with the Midship Excel Add-in, you can review the supporting evidence directly within your spreadsheets.

Core Features of Midship

• AI-Powered SOX Testing Automation: Autonomous AI agents execute a wide range of control tests, from IT General Controls (ITGC) to manual financial reviews.
• Automated Work Paper Generation: Creates complete, review-ready work papers with every value and conclusion linked directly to its source evidence.
• Intelligent Document Analysis: The platform can ingest a 'document dump', automatically parsing, classifying, and matching files to the relevant audit samples.
• Customizable Test Builder: A flexible interface allows auditors to define any control test procedure, ensuring the AI follows the firm's specific methodology.
• Seamless Excel Integration: Features a dedicated Excel Add-in that allows for direct review of supporting evidence from within your spreadsheets, streamlining the review process.
• Comprehensive Control Coverage: Supports a vast array of controls, including password settings, user terminations, access reviews, bank reconciliations, journal entry testing, invoice approvals, and more.
• Enterprise-Grade Security: Midship is SOC 2 Type 2 compliant, offering options for data storage (Midship's cloud or your own) and automated data retention policies to ensure security and data residency control.
• Transparent Audit Trail: The AI doesn't just provide an output; it explains exactly why a sample passed or failed, providing complete transparency for internal reviewers and external auditors.

Use Cases for Midship

Midship is versatile and can be applied across the entire spectrum of SOX controls:

• IT General Controls (ITGC): Automating tests for user termination access revocation, privileged access recertification, password policy settings, and key report testing.
• Financial & Business Process Controls: Handling bank reconciliations, deferred revenue rollforwards, journal entry (JE) threshold reviews, accruals, and invoice approval routing.
• Three-Way Match: Validating consistency between purchase orders, goods receipt notes, and invoices.
• HR and Payroll: Performing payroll tie-outs and testing for compliance with expense policies.
• Vendor Management: Verifying new vendor dual approval processes and reviewing insertion orders.

Advantages of Midship

The primary advantage of Midship is its ability to deliver a significant return on investment from day one.

• Massive Efficiency Gains: By automating up to 87% of SOX testing, it frees up hundreds of hours for audit teams.
• Cost Reduction: Dramatically cuts co-sourcing costs by reducing the need for external consultants for routine testing.
• Enhanced Audit Quality: AI ensures consistent application of test procedures, reducing human error and improving the reliability of test results.
• Empowers Auditors: Allows audit professionals to focus on risk assessment, complex issues, and providing strategic insights rather than tedious evidence gathering.
• Unmatched Transparency: The traceable link from work paper conclusion to source evidence builds trust and simplifies the review process for management and external auditors.

Pricing and Plans

Midship's pricing is customized based on the client's specific needs, including the volume and complexity of controls to be automated. The company follows an enterprise sales model, and detailed pricing information is provided upon booking a demo.

To help potential customers validate the platform's value, Midship offers a free 2-week trial. During this trial, you can automate any three controls from your existing SOX program to see the results and calculate your expected ROI with your own data, with minimal effort.