Corporate Desk: Artificial Intelligence will increasingly be able to examine vast quantities of complicated data previously thought unmanageable. It will be able to focus on more skilled and fascinating activities. The AI software would enable the auditors to make judgments about which areas need the most scrutiny based on a sophisticated and thorough analysis of the clients’ data and financial statements. This helps practitioners make the best use of their time in the audit works.
Artificial Intelligence has the capability to take over many of the business activities performed by accountants and auditors. However, they will not replace the professional judgment, insight, and direction only humans can give for the foreseeable future.
Speakers forwarded their views at a seminar yesterday. The virtual webinar on Artificial Intelligence in Accounting and Auditing” was organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on Wednesday,31 May 2023. Mohammad Muslim Chowdhury, Comptroller and Auditor General of Bangladesh graced the occasion as the chief guest. ICAB President Md. Moniruzzaman FCA delivered there address of welcome.
Khondkar Atique-e-Rabbani FCA, Member – ICAB and Managing Director, The Computers Ltd presented the keynote paper. Distinguished Panel Speakers were Akhter Matin ChaudhuryFCA, Partner, MABS & J Partners – Chartered Accountants; and Dr. B M Mainul Hossain, Professor, Institute of Information Technology (IIT) University of Dhaka. ICAB Past President & Council Member Mahmudul Hasan Khusru FCA moderated the session.
ICAB President Md. Moniruzzaman FCA said, as Artificial Intelligence is one of the ingredients of 4th Industrial Revolution, we have to be well-prepared to bring about changes in the accounting and auditing functions to conform to Artificial Intelligence. Accountants have already embraced waves of automation over many years to improve the efficiency and effectiveness of their work, he said adding using Artificial Intelligence technology, transactions, and account balances may be continually watched. This gives better precision and the certainty that financial statements are correctly reviewed, he added. He said, accounting and auditing already employ supervised machine-learning techniques to enhance prediction models. In the future, businesses will employ machine learning across a more extensive range of processes, he further said.
The keynote speaker Khondkar Atique-e- Rabbani FCA said, 4IR including AI will ensure people’s rights, opportunities and welfare. Using 4IR we can achieve good and transparent governance, a healthy legal environment, and healthy country management- essential, he said, adding we have already seen the transformational power of technology such as mobile financial services in Bangladesh. These new technologies will impact all disciplines, economies and industries, and even challenge ideas about what it means to be human, he added. He said, adopting 4IR, Smart Government, Smart Legal System, Smart Public & Private Systems, and Smart Economy we can achieve SDG by 2031.
