From Tradition to Technology: Evolving the Audit Experience at Wolf & Company

For over a century, Wolf & Company, P.C. has stood as a trusted partner to community financial institutions. Through decades of industry change, one principle has remained constant – our commitment to delivering exceptional value to our clients, our people, and the communities we serve. Today, we bring together more than 110 years of expertise and advanced technology to redefine the audit experience for financial institutions.

A Century of Service, A Future of Innovation

When Wolf first opened its doors, financial audits relied on ledger books and adding machines. Now, we harness artificial intelligence (AI), automation platforms, and data analytics to deliver audits that are more accurate, efficient, and insightful. This evolution didn’t happen overnight – it stems from our longstanding commitment to our VIRTUE values: Vision, Integrity, Respect, Trust, Understanding, and Excellence.

As a senior manager working with banks and credit unions, I’ve seen how our use of technology has reshaped client relationships – expanding beyond compliance-focused engagements to strategic partnerships. This reflects the clients’ need for more than just compliance; they expect value, efficiency, and actionable insights that drive success in an increasingly complex regulatory landscape.

How Wolf Invests in Technologies That Transform the Audit Experience

At Wolf, we’ve made strategic investments in technologies to address the pain points financial institutions face during traditional audits:

• Internal AI Chatbot: We’ve developed a secure internal AI chatbot that enables our teams to execute audits more efficiently, research industry and accounting guidance with precision, and deliver greater value to our clients. Our teams are empowered to discover new use cases every day, such as:
  • Recalculating and benchmarking financial statements against similar public institutions to identify anomalies and industry trends, then summarizing these findings to provide deeper insights for management and oversight committees.
  • Analyzing complex agreements, such as leases, core processing contracts, and private equity agreements, to quickly extract terms with GAAP implications.
  • Summarizing regulatory changes and current events that may impact clients’ financial reporting.
• DataSnipper: This intelligent automation platform enables Wolf to extract, match, and verify data from multiple sources directly within Excel – dramatically reducing manual effort while maintaining full audit traceability. We’ve leveraged this tool to:
  • Automate investment safekeeping and market value testing.
  • Efficiently reconcile multiple data sources, including invoices, cash receipts, and general ledger entries.
  • Perform rapid version comparisons on critical audit documents.
• Inflo: Wolf began transitioning to this advanced audit software in 2025. Throughout this process, we’re adopting best practices, eliminating non-essential audit requests, and streamlining workflows for greater efficiency.

For example, the Ingest module enables us to analyze all general ledger transactions for the year – transforming what was once a very manual Excel process. Enhanced analytics allow us to reduce substantive detail testing and focus on targeted questions about anomalies from the start. This means clients spend less time pulling request lists, while we concentrate on key risk areas.

The Wolf Innovation Hub: Driving Our Excellence

Central to our strategic advancements is the Wolf Innovation Hub – established in 2018 to cultivate a culture of creative problem-solving across the firm. What began with four forward-thinking professionals unafraid of ambiguity has grown into a team of over 20, all united by curiosity and a shared drive to transform how we serve clients.

The Innovation Hub follows a structured five-stage methodology to guide ideas from conception to implementation. Internally, we’ve streamlined our audit workflows to eliminate redundancies, automate routine tasks, and free our professionals to focus on what matters most: delivering insights and value to clients.

Externally, our innovative culture is reflected in our 2024 acquisition of InsightOut, a business intelligence platform, and our Wolf Data Solutions team – both of which have strengthened our technology consulting capabilities. Additionally, Wolf is developing specialized AI services and comprehensive automation plans tailored to the unique operational needs of financial institutions.

Beyond Technology: The Human Element & Investing in Our People

While technology forms the backbone of our modern audit approach, we know tools are only as effective as the people using them. That’s why Wolf invests heavily in continuous education and professional development. Our team regularly engages in specialized training on emerging technologies, industry-specific regulations, and advanced audit methodologies.

We’re also actively involved in local banking associations and industry groups, which keeps us closely connected to the challenges and opportunities financial institutions face. This commitment to ongoing learning allows us to offer proactive guidance instead of reactive compliance.

Resources That Extend Beyond the Audit

Our relationship with clients goes well beyond the annual audit cycle. Wolf offers a wide range of resources tailored specifically for financial institutions, including:

• Regular newsletters and alerts on regulatory changes and industry trends.
• Thought leadership content addressing emerging risks and opportunities.
• In-person industry association events hosted by Wolf.
• Benchmarking data to help institutions understand how they compare to peers.

Independence That Puts Clients First

While many accounting firms have merged with larger counterparts or accepted private equity investments, Wolf stands apart. We’ve preserved our independence and client-focused approach while continuing to invest in the technology and talent needed to serve sophisticated financial institutions.

This independence empowers us to make decisions based solely on what’s best for our clients and our people – not external shareholders or a national office.

Looking Forward: The Future of Audit at Wolf

Wolf & Company remains committed to adopting technologies that enhance the audit experience while preserving the personal touch and industry expertise that have defined our firm for over a century. We recognize the unprecedented challenges financial institutions face – ranging from regulatory complexity to cybersecurity threats and competitive pressures – and we continually evolve our approach to help them navigate these demands.

The audit of tomorrow will look very different from the audit of today – just as today’s audit is far removed from those conducted when our firm was founded. What remains unchanged is our commitment to delivering exceptional value, upholding the highest standards of quality, and building lasting relationships with the community financial institutions we serve.

If you’re looking for an audit partner that combines advanced technology with deep industry expertise and a client-first approach, contact our team today.