Should My Firm be Worried About The Effects of AI on Auditing?

Significant advancements in technology modified the ways we perform our everyday tasks. With the presence of machines and robotic platforms, you can now finish your work in just a press of a button. It’s that simple. 

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Industries such as finance and accounting (F&A) are among the many to experience the upgrades brought about by Artificial Intelligence (AI). F&A tasks are made simpler and more efficient  through AI, particularly the auditing process. But as the Australian fintech industry continues to mature, auditors and accounting firms are more threatened by the idea of losing their jobs and their companies being replaced by robots. 

Merging artificial intelligence and auditing is a proof that the fintech landscape can offer a more innovative future for the F&A industry. But should you worry about it?

AI will not take your job away.

With the knowledge of what is coming, firms and professionals should not worry about the integration of AI into their professions. Robotic accounting strengthens the idea of productivity and efficiency for your employees, allowing you to leverage their accounting skills. When repetitive tasks such as bookkeeping, manual data entry, and payroll processing are taken care of, accountants can focus more on delivering quality solutions for your clients. 

AI in accounting and audit gives your employees a better chance of making better decisions and raises the bar for quality audit services.

Benefits of Artificial Intelligence

Extracting Better Results

Harnessing automation, robotics and cognitive technology in auditing reduces the chances of committing errors along the way. AI processes a huge amount of data in a shorter time span compared to manual entry. 

According to Forbes Insights, AI can comb through reams of data faster and more precisely than any person or team of people could. For example, a large number of leases can be read and analyzed thoroughly by a machine and extract the necessary data by setting out the criteria upon automation. 

Improving Employee Skills

While it is true that AI produces more precise results, you also have to take into account that human judgement is still relevant in achieving accurate audit records. As you streamline your bookkeeping tasks, the scope of your employees' role widens, giving them a chance to upgrade their skills while doing their job. They can analyze a deeper and broader data for a more value-adding audit result.  With monotonous workload off their shoulders, your employees can do tasks outside their regular responsibilities.

Giving your employees a chance to nurture their audit skills gives you the chance to leverage their F&A skills and bring more high quality services to your clients.

The advantages of artificial intelligence in auditing are all targeted towards an innovative future of the accounting and audit industry. With AI on the rise, your firm can stay ahead of the game with a smarter and better working environment.