DailyPost 1631
AUTOMATED AUDIT
The concept of automated audit has plagued the IT world for quite some time, more so with Machine Learning and Artificial Intelligence becoming commonplace by the day. Singularity university in its futuristic document had projected a major cutdown in human resource usage in a large number of areas. It was stated that in a span of 7-8 years, around 70% of the lawyers work in the US could be handled by the machines. If that is the case in an area, where we have talked about legal acumen and super grey matter of at least the top lawyers, what would be the fate of mechanical activities? Where it is the numbers game, its easier for the computer. Tally has already taken the pride of the place by becoming everybody’s accountant.
One would rather vouch for tally, than any accountant in this country. It has been a marvel for long that audit had not landed on the chopping block. With accounting getting automated in the manner it has, how long could audit be left behind. The indelible mark which the auditors have left on our lives has be to seen to be believed, few have even derailed the nation, 2G,CoalGate et al. Auditors have been the proverbial third eye of Lord Shiva and at times have shown, what we mere mortals could not see. Whether what has been shown is the complete truth and if the connects remain as valid as they made out to be? That story seems to be coming to an end.
Today’s news report has been extremely refreshing in this regard. ”iAudit disrupts the accounting world; finishes audit in 30 seconds.” We can call it a real time audit. How well can we merge accounting and auditing as one single activity or seamless, which we don’t even realize is just a matter of time. Come to think of it, even the best of auditors would be at their wits end if somebody told them that a three months audit can be done in thirty seconds. iAudit a product developed by a company named Infilytics, has made it happen. It has been receiving accolades all around. This is the brainchild of Rajkot based Chartered Accountant Palak Valsa, founder and CEO of the company.
He had hit upon the idea of speeding up audits to avoid bank frauds and improve compliance. On becoming CA, while working for ITC / conducting audit, he realized that audit is being carried out manually across the word and hit upon the idea of iAudit. Having created iAudit with pathbreaking capabilities, he expects the software to be a major disrupter. As per RBI data, the quantum of bank frauds has increased to 1.8 lakh crore in 2019-20. ” One of the reasons for such widespread fraud is due to lack of warning signals through internal audits.” Vasa claims that audit software will help banks to stop frauds.
DYNAMIC AUDIT CAN BRING SANITY IN BANKING OPERATIONS.