iCPARQuarterlyBulletin-March2019
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26 THE iCPAR JOURNAL<br />
The impact<br />
of Digital<br />
and Artificial<br />
Intelligence<br />
on audit<br />
and finance<br />
professionals<br />
EU experts discussed how to harness the opportunities offered<br />
by these new disruptive technologies at recent joint ACCA-EY<br />
conference in Brussels.<br />
A<br />
‘new normal’ is emerging:<br />
technology trends in cloud,<br />
big data, mobile and social<br />
collaboration are converging to<br />
change the ways in which we<br />
consume information technology<br />
resources, share knowledge<br />
and experiences, and access<br />
products and services. This is also<br />
underpinning and influencing<br />
developments in cyber security,<br />
digital service delivery, robotics,<br />
machine-learning, augmented and<br />
virtual reality.<br />
Artificial intelligence could be<br />
a game-changer for business<br />
generally, and final services<br />
in particular. But what does it<br />
mean in terms of transformation<br />
and relevance of both the<br />
activity of audit, and of finance<br />
A good understanding<br />
of risk is essential to<br />
the audit process. New<br />
technologies bring<br />
new types of risks for<br />
auditors. These risks<br />
may be unfamiliar and<br />
therefore difficult to<br />
assess. Auditors need to<br />
be nimble in considering<br />
where there could<br />
be risks of material<br />
misstatements.<br />
ANDREW GAMBIER<br />
HEAD OF AUDIT AND ASSURANCE,<br />
ACCA<br />
professionals?<br />
To address the myths and fears<br />
around AI and the role of humans<br />
in the value chain, ACCA (the<br />
Association of Chartered Certified<br />
Accountants) and EY organised<br />
a lively roundtable about how<br />
to harness the opportunities<br />
offered by these new<br />
disruptive technologies.<br />
Discussions revolved<br />
around how data<br />
mining / analytics can<br />
reinforce the quality<br />
of the audit, and how<br />
auditing standards will<br />
evolve as a result of<br />
digital transformation.<br />
Speakers also tackled the<br />
role of the auditors and<br />
finance professionals<br />
in embracing change<br />
- how to adapt their<br />
skills, training<br />
and education<br />
- as well as<br />
the major<br />
challenges<br />
of big data<br />
in auditing,<br />
from a<br />
“behavioral”<br />
auditing<br />
perspective.<br />
In her opening<br />
remarks, Jeanne<br />
Boillet, Global<br />
Assurance<br />
Innovation leader<br />
at EY provocatively<br />
asked the<br />
audience: ‘Will<br />
embracing AI mean<br />
replacing humans? AI<br />
can help automating routine<br />
tasks to allow finance and<br />
audit professionals to focus on<br />
exceptions, insights and higher-<br />
iCPAR QUARTERLY BULLETIN<br />
JANUARY - MARCH 2019
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