Page 29 - Quick Insights Book 2022

6 Information Technology

Over the recent years, the hi-tech boom and emergence of
ABCD of technology – Artificial Intelligence, Blockchain, Cyber
Security and Data Analytics – is ushering a new era in the
history of accountancy across the globe. The present digital and
knowledge era, that also includes robotic process automation,
cloud computing and Internet of Things among others, is landing
new skill-sets and new domains for Chartered Accountants
who are ready to learn and upgrade in tune with the times,
in addition to their core areas of expertise. It is the predictive
analytics that is becoming vital for Chartered Accountants. With
high-growth curve of new technologies, the future will see more
and more organisational complexities that will demand matching
response from Chartered Accountants as the lifeline of business
and Industry.

ARTIFICIAL
INTELLIGENCE

Artificial Intelligence (AI) is a disruptive technology which
would transform the auditing methodology and processes.
Organisations are generating and collecting large amounts of
data on a continuous basis, from points of sale, to shipment
tracking information, as well as inventory counts in real
time. In addition, information from exogenous sources, in
the form of social media and news feed to name a few, is
readily accessible and available for analysis. It is, in fact, the
application of AI to this type of Big Data that is expected to
take the auditing profession a step forward. With such large
databases, traditional audit procedures become less effective
and efficient, which necessitates a rethinking of the way audits
are conducted. Further, adoption of AI enabled tools could be
attributed to the ability to remove repetitive and time-consuming
tasks, thereby investing more time for important processes like
planning, strategy, forecasting and creative problem solving. Information
Chartered Accountancy Profession should examine how their
role would change with process automation, and harvest its Technology
potential to make auditing more effective, smarter, and easier.

BLOCKCHAIN

Blockchain is not a single technology, but rather a protocol
for recording transactions, with features of distributed ledger,
immutability and provenance, with immense potential to
increase efficiency of the process of accounting for transactions
and assets. Implementation of blockchain technology across
various industries/sectors would empower accountancy

16 Quick Insights on Professional Opportunities for Chartered Accountants