Artificial Intelligence as we know of it, makes it possible for machines to perform tasks that match human intelligence, improving the precision, speed and accuracy of human efforts. This evolving technology seems to be a crucial turning point among various industries. Business professionals agree that AI will change the way everyone will work in decades to come. AI has already been applied to driverless cars, home energy systems and investments portfolio management etc. It will revolutionize accounting and auditing as well. AI is being discussed across various forums and among industry experts because of the range of benefits it has to offer.
AI will definitely prove to be beneficial in audits because:
- It will be able to analyse the extent of risk in transactions, while also being able to establish an in-depth profile of a normal transaction.
- In the financial industry, Artificial Intelligence can be used to detect fraudulent transactions and automate manually intense data management tasks.
- The contract review allows the auditor to analyse a large number of contracts in a considerably shorter time frame with the help of the machine learning tools.
- It reduces the time and cost related to data analysis, offering better approaches for giving an account of completeness, exhaustiveness and the risk of material misquotes.
- It offers a higher level of accuracy than a reviewer.
These are just a few of the benefits of AI and how it will help auditors to work better and smarter. With the help of AI, auditors will be able to optimize their time and move their focus to an extensive and deeper set of information that requires human judgement. AI allows the auditors to clear their queries and interact with CFOs and advisory groups that will increase the quality of the audit process. With AI enhancing the audit process in many ways, it provides auditors with an exciting future.
Having said that, major banks and financial institutions across the world are already using this fast-evolving technology for its significant factors like being able to deliver efficient results, detect customer fraud, risk management, and compliance issues. Banks use AI technology in areas like KYC/AML Checks and BOTS.
Artificial Intelligence, this promising technology is rapidly changing the finance and accounting industry. It can efficiently and accurately analyze a huge amount of data, identify patterns in the data provided and learn how to deal with a diverse amount of data. AI is definitely making life more convenient, but experts/professionals will always be required to control, advance and guide the machines. With AI coming into the picture, professionals will be encouraged to take on tasks that they are proficient at. Artificial intelligence is definitely a game-changer and the way forward!