Artificial Intelligence could continually watch out financial transactions

Speakers tell ICAB webinar

Published : 31 May 2023 09:23 PM

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, speakers at a seminar opined on Wednesday.

They said 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. 

The virtual webinar on Artificial Intelligence in Accounting and Auditing” was organized by the Institute of Chartered Accountants of Bangladesh (ICAB).

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, 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, 4IRincluding 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.