Top 3 Financial Statement Review Tools for Audit Teams in 2025

As audit teams face increasing pressure to work faster and with greater precision, the financial statement review process has become a key area for innovation. The traditional method — printing PDFs, adding tick marks by hand, and manually reconciling figures — is no longer sufficient in a digital-first audit environment.

🥇 1. Nexly – Financial Statement Review Tool for Audit Teams

Nexly is a purpose-built platform designed to streamline the review of financial statements — helping audit teams work faster, document better, and reduce errors. It replaces outdated workflows based on static PDFs and spreadsheets with a modern, collaborative review environment.

Key Features Built for Auditors:

• Automated Tick Marks
  Nexly includes a full set of standard audit marks — mathematical accuracy, internal consistency, prior year consistency and consistency with external documents. All applied automatically - No need to annotate PDFs manually.

• Automated Notes Disclosures Review
  Enterprise-Grade Security AI chat is a built-in assistant that helps audit teams review notes disclosures faster — without leaving the review environment. All interactions are processed securely within Nexly’s infrastructure — no data is shared externally.

• Automated Review Checklists
  Built-in audit checklists adapt to the structure of the financial statements, guiding reviewers through disclosures, totals, rounding, and formatting checks. Items are automatically checked off as validations pass — significantly reducing the risk of oversight.

Why Audit Teams Choose Nexly:

• 40% - 60% faster review of financials statements.

• Specifically designed for audit and financial reporting teams involved in the review of financial statements.

• Template agnostic - works on any types of financial statements

• Eliminates time wasted on cross-referencing, and manual tick marks

• Enables faster, cleaner reviews - especially for professionals overseeing multiple entities

Overview of the Platform

🥈 2. Caseware Working Papers

Caseware is widely used by firms needing control over their workpapers and financial statement generation.

Key Features:

• Lead sheets, adjusting journals, and trial balance tools

• Templates for IFRS, GAAP, and other frameworks

• Built-in documentation controls and sign-off processes

Strengths for Review:

• Integrates review into working paper documentation

• Supports large, complex audit files

• Great for teams using structured audit methodologies

⚠️ More focused on the working paper side; doesn’t provide the same modern UI or direct interaction with financials like Nexly.

🥉 3. MindBridge – AI-Powered Risk Detection

MindBridge AI Auditor is not a review tool in the traditional sense, but it’s a powerful risk triage tool used by auditors to flag unusual transactions or financial statement risks early.

Key Features:

• AI-driven risk scoring of journal entries and accounts

• Detects outliers, trends, and anomalies across datasets

• Dashboard visualizations for reviewer prioritization

How It Supports Review:

• Helps focus statement review on high-risk areas

• Complements — not replaces — manual review processes

• Ideal for data-heavy audits or where fraud risk is a concern

  
  

Conclusion

In 2025, audit teams no longer need to rely on patched-together PDFs and manual spreadsheets to review financial statements. Tools like Nexly, Caseware, and MindBridge provide specialized support for a faster, smarter, and more traceable review process — helping teams focus more on judgment and less on formatting.