iAudit a software; finishes audit of 3 months account in 30 seconds.
- AI based auditing software iAudit completed audit of three months account in 30 seconds. Is that surprising? Developed by Infilytics, iAudit is on its way to disrupt the accounting world.
- Palak Vasa, a chartered accountant, Founder and CEO of Infilytics is the person behind the idea to speed up audits to avoid frauds and improve compliance. When he realised that audit is being carried out manually and got upon idea to develop iAudit.
- Companies like HDFC, Tata Steel, ITC, Maersk and Invesco are using it.
- Bank frauds have increased, one of the reasons is lack of warning system through internal audits. Vasa claims that software will help to banks reduce frauds and will also help in building strong compliance ecosystem.
- Is it going to reduce audit jobs? Answer is partially no. Advances in technology will continue to provide more accurate and timely data, but the strategic decisions on that information will require human involvement.
- Though Artificial Intelligence(AI), Machine Learning(ML) and data analytics helps to process large volume of data in a very less time and reduce risk of human error. How one can rely on such audit systems. Here comes the role of Chartered Accountants, we will be doing system check of such audit mechanism or software.
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3 年Excellent work by Palak Vasa & CA Mansi Jain ????
Audit Executive at H N A & Co LLP | Certified Fraud Examiner - CFE | PG in Forensic Accounting & Fraud Examination | B.com | ICAI |
3 年But, Man made errors are the most interesting part of every audit..