Indore: Use of technology and advanced IT platforms has helped reduce the time required for error detection and improve efficiency And precision of checks and track non-performing assets, tax experts and chartered accountants said.
Artificial intelligence, Data analysis and advanced technological tools have replaced manual accounting and planning from commercial establishments to small industries and public sector enterprises.
Abhay Sharma, Chartered Accountant and Former President, ICAI, Indore Branch, said, “AI has changed the way auditing or accounting was done. Technology platforms have helped improve the efficiency and accuracy of audits. Tracking an NPA is much easier these days thanks to technology and various tools offered thanks to advancements in data.
Chartered accountants from across the country shared their views on bank audits and evolving trends at the two-day national conference organized by ICAI, Indore branch.
Chartered Accountant Atishay Khasgiwala, President, ICAI, Indore, said, “In view of the increasing NPA in banking, it is the responsibility of the banker as well as the auditor to thoroughly analyze each file and to examine it from all angles. Due to competition between banks, paperwork errors are made in haste. It is very important to complete all the documents on time.”
Experts said that with the new financial year starting in April 2024, experts have embraced AI tools for writing effective and impactful financial planning, income assessment and other future financial details.
Kanpur CA Anil Saxena said, “Collection of all documents at the time of audit is very important. In the event of fraud, the documents collected during an audit play a key role and are very useful.
Artificial intelligence, Data analysis and advanced technological tools have replaced manual accounting and planning from commercial establishments to small industries and public sector enterprises.
Abhay Sharma, Chartered Accountant and Former President, ICAI, Indore Branch, said, “AI has changed the way auditing or accounting was done. Technology platforms have helped improve the efficiency and accuracy of audits. Tracking an NPA is much easier these days thanks to technology and various tools offered thanks to advancements in data.
Chartered accountants from across the country shared their views on bank audits and evolving trends at the two-day national conference organized by ICAI, Indore branch.
Chartered Accountant Atishay Khasgiwala, President, ICAI, Indore, said, “In view of the increasing NPA in banking, it is the responsibility of the banker as well as the auditor to thoroughly analyze each file and to examine it from all angles. Due to competition between banks, paperwork errors are made in haste. It is very important to complete all the documents on time.”
Experts said that with the new financial year starting in April 2024, experts have embraced AI tools for writing effective and impactful financial planning, income assessment and other future financial details.
Kanpur CA Anil Saxena said, “Collection of all documents at the time of audit is very important. In the event of fraud, the documents collected during an audit play a key role and are very useful.
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