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AI (Artificial Intelligence) may help CA’s Deliver High Quality Audits
Current scenario of Chartered Accountants Audit Services
Now a days Chartered Accountants are faces challenges like poor work life balance; less time for business expansion; process inefficiency, limited availability of skilled resources and manual management leading to higher operational cost; poor traceability & visibility of client’s filing history & assigned task to audit staff; lack of collaboration with clients, no dashboard, analyzers, alerts, & notifications, multiple client follow-ups; different IT products & vendors to deal for different regulatory requirements; manual data collection & validations; complex data reconciliations; working on multi Goods and Services Tax Identification Number’s of clients; no centralized data repository & multiple versions of files to manage; poor audit trail & more.
AI may help CA’s Deliver High Quality Audits Services
- AI & Machine Learning are being used in various sectors. AI as a big change that may coming into the CA audit profession.
- If there is a appropriate Artificial Intelligence mechanism in CA profession, then there is so much one can look at in terms of transactions. Artificial Intelligence will make the reporting back to us in terms of any deviations, red flags… & will play a big role in helping CA’s to deliver high quality audit Services India.
- The Institute of Chartered Accountants of India are working with CA members to train & upskill them to have the best skill sets to understand Artificial Intelligence.
- Quality of audit services in India and around the world might be greatly improvement by AI. Since auditing is a difficult and data-intensive task, Artificial Intelligence technologies can benefit both organisations & auditors, they work for in a No of ways. Details are mention below :
- Data Analysis:
- Cost Savings:
- Fraud Detection:
- Risk Assessment:
- Reduced Human Error:
- Continuous Monitoring:
- Time Efficiency:
- Compliance Assurance:
- Predictive Analytics:
- Enhanced Reporting:
- Over the last few years, the Chartered accountant profession has going to be moved from paper ledgers to calculators to computers and thereafter to AI & ML tools with it application in regular system.
- According to ICAI, Artificial Intelligence is going to change many aspects & which will help CA’s to look at a wider No of transactions.
- There are pitfalls also and you need to be trained to understand Artificial Intelligence. CA’s are also start working on technology tools to CA members to use in audit profession. Those also will get embedded with Artificial Intelligence.
- It’s crucial to remember that Artificial Intelligence shouldn’t take the role of human auditors; rather, it should be viewed as a tool to enhance their abilities.
- Auditors will continue to be essential in evaluating insights produced by Artificial Intelligence, making expert decisions, and upholding the ethical standards of the auditing profession.
- Moreover, the use of Artificial Intelligence in auditing poses significant concerns regarding data security, privacy, and the requirement for regulatory oversight to guarantee that Artificial Intelligence systems are utilised morally and responsibly.
ICAI Member is now recognised as membership in ISCA (the Institute of Singapore Chartered Accountants) as an Associate Member.
- Another indication of the growing brand equity of the ICAI member profession as globally Accounting and Auditing profession,
- Now Singapore’s recognition ICAI qualification as one of the professional qualifications for associate membership of ISCA. All of the members who reside in Singapore and have six months of local work experience there would benefit from the recognition.
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