Hackathon 2: Season 2 - UC 1 | Audit Reporting - Use of AI | CA. Premnath Degala

Summary

In this presentation, a speaker from Hyderabad highlights the transformative role of an AI tool developed by the ICAI for chartered accountants. The tool streamlines auditing tasks by generating CARO checklists and analyzing financial statements, significantly reducing manual errors. Auditors can efficiently compile compliance reports, with the AI providing structured outputs to facilitate accurate reporting. The discussion also emphasizes the importance of maintaining audit trails in accounting software. Overall, the presentation advocates for the integration of AI in accounting practices, showcasing its potential to enhance efficiency and accuracy in the auditing process.

Takeaways

• 😀 The presentation was led by Prat, a participant from Hyderabad, discussing AI tools provided by ICI for Chartered Accountants.
• 📝 ICI has invested significantly in AI technology to enhance the efficiency and effectiveness of audit processes.
• 🔍 The AI tools facilitate easy registration for members through mobile verification and OTPs.
• ✅ The presenter demonstrated how to generate a CARO checklist using the AI platform, improving accuracy and saving time.
• 📊 A sample balance sheet and profit and loss account were used to showcase the AI's capabilities in generating financial compliance information.
• 🛠️ The AI tool can generate IND applicable disclosures and non-compliance reports, helping auditors avoid errors in reporting.
• ⚠️ Emphasizing the importance of maintaining proper records, the presenter highlighted common pitfalls like cut-copy-paste errors.
• 📋 A checklist for audit trails was generated using the AI, underscoring its role in streamlining auditing tasks.
• 🚀 The presenter stressed the potential of AI to reduce manual intervention in audit processes, making them more efficient.
• 🙏 The session concluded with a call to embrace AI in auditing to automate processes and minimize errors.

Q & A

What is the main focus of the presentation by Prat sir?

Prat sir's presentation primarily focuses on showcasing how the ICI AI platform aids chartered accountants by providing tools for audits and report generation.

How can members register on the ICI AI platform?

Members can register on the ICI AI platform by providing their mobile number to receive an OTP for registration.

What is the purpose of the CARO checklist mentioned in the presentation?

The CARO checklist is used to ensure proper documentation and compliance during audits, allowing auditors to fill in necessary information in a structured format.

How does the ICI AI platform help reduce errors in audit reporting?

The ICI AI platform helps reduce errors by generating checklists and reports automatically, minimizing manual input that could lead to cut-copy-paste errors.

What specific task does Prat sir demonstrate related to financial statements?

Prat sir demonstrates how to use the platform to analyze a balance sheet and generate applicable IND AS disclosures and compliance checks.

What is the significance of the 'audit trail' topic discussed in the presentation?

The 'audit trail' topic is significant as it pertains to how companies using accounting software should maintain transparency and compliance in their financial reporting.

How does Prat sir propose to generate reports on the audit trail?

Prat sir proposes to generate audit trail reports by using a checklist provided by the ICI AI platform, which he then submits for report generation.

What tools does the ICI AI platform provide for chartered accountants?

The ICI AI platform provides various AI-driven tools, including checklists and report generation capabilities, to streamline the auditing process for chartered accountants.

What type of errors does the AI tool aim to eliminate during audits?

The AI tool aims to eliminate errors related to data entry, such as cut-copy-paste mistakes, and improve accuracy in audit reporting.

What is Prat sir's overall message regarding the use of AI in auditing?

Prat sir's overall message is that AI can significantly enhance the efficiency and accuracy of auditing processes, reducing the burden of manual tasks and improving compliance.