Can technology replace YOU ?

Abhijit Singh . Nov 20 .

Technological advances are a game changer for Auditing and Accounting. Big Data, Robotic Process Automation, Machine Learning and Analytics are enabling these professionals to assess ever increasing volumes of data while keeping the sanctity of their jobs.

This is changing the nature of audit and accounting by allowing auditors and accountants to identify better financial reporting, reporting fraud, and assess operational business risks and tailor their approach a deliver a more relevant audit.



The technology innovations that include machine learning algorithms, cloud computing power, advanced analytics, and visualization tools along with availability of big data from multiple sources deliver audit and business insights that impact how an audit is planned, executed and delivered effectively and efficiently with scalability. For example, instead of testing a sample of revenue transactions to assess the appropriateness of revenue recognition, an auditor can now analyze all revenue and contra revenue transactions to identify inconsistencies across business anomalies with specific business units or customers.

Similarly structured and unstructured data from ERP, scanned or digital invoices, or annual reports or bank statements with the use of intelligent automation can be extracted as output as CSV files with Financial Summary or analytics, that can be used effectively to take business decisions on working capital and term loan facilities to deliver value to the business.

The technologies that transforming these fields are one of the biggest benefits of using technology and data analytics in the audit is the elimination of constraints that sampling places on an engagement.

Data analytics gives practitioners the ability to analyze an entire population of data for anomalies, trends, and areas of risk. Data Analytics, that allows to analyze large data sets from multiple sources to present visually appealing analytics for meaningful insights to business.

Cognitive Technology, also known as Artificial Intelligence, that allows to extract large data both structured and unstructured by scanning and scraping through data sources much faster and more precisely than any human. With the usage of intelligent automation and more advanced algorithms, machines are able to track and understand intricate patterns effectively to determines loopholes and possible frauds in company’s practices and also point out where and how systems, operations, processes, and controls can be improved.

Well, the questions that’s comes to your mind is can technology replace YOU?

Accounting as well as Auditing involves a lot of Judgment as the transaction process in the real world is very complicated based on the multiple parties involved. A lot of data scraping, and scanning is being done by machines, but we are still far from where machines can pass accounting entries or understand the intricacies of ledger accounting without human intervention.

The human qualities of evaluation, analysis, and judgment remain an irreplaceable part of the audit process, and the use of technology can give the people on an audit the ability to focus on those higher-level skills rather than getting bogged down by mundane, rote processes.

Your experience and ability to standardized and understand accounting entries will be required to train the machine over a period of time to create a robust platform where you put your time and efforts on solving and identifying critical issues and prevent internal and external fraud committed by the business and government departments.

What must you do to keep yourself abreast with the technological changes that is creating a paradigm shift in the way you going to do your job?

Well, to address that, SAIGA has introduced numerous programs as a part of continuous education program which include “Python for Accounting and Finance” and “Data Analytics using Power BI”, which will help you to be the part of the digital journey that your organization is undertaking or undergoing by adopting technological innovation at your workplace. By undergoing these programs, it will help you to

Find automation opportunities by asking staff what frustrates them at work and be an enabler to find solutions.

Understand the technology is constantly improving and accepting the new changes is going to help you and the team over a period of time.

Make sure how the integrity of the data can be maintained and protected with Cloud and cybersecurity solutions.

To Start with proof of Concept with one or more less complicated process to test the water to start the journey towards solving challenging issues.

Be Patient, any new technology is like learning a new language, it takes time to get acquainted and see the results whether its risk assessment, processes, or procedures as you implement the technology solutions.