AI Hackathon S3 Ep-8: UC 10 – AI in Excel - AI powered presentation – CA Vidyawati Nirbhay Wange

Summary

In this presentation, CA Vidyawati demonstrates how AI tools, specifically Quadratic AI and ChatGPT, streamline banking data analysis and audit sampling. Using tools like Excel and AI-driven formulas, she showcases how to mask sensitive data, filter records by financial year, and perform stratified random sampling for audit purposes. She highlights the accuracy and efficiency of Quadratic AI over ChatGPT, especially in compliance checks and audit documentation. Vidyawati emphasizes how these tools significantly improve the speed, accuracy, and efficiency of banking audits, making them an invaluable asset in financial analysis and decision-making.

Takeaways

• 😀 ChatGPT and Quadratic AI are being used to streamline the process of bank audit analysis.
• 😀 Data masking is an essential first step, using ChatGPT to protect sensitive information such as customer names and account numbers.
• 😀 Quadratic AI is utilized to filter and analyze loan balance data, focusing on the fiscal year 1819.
• 😀 Audit sampling is performed using stratified random sampling, categorizing data based on loan balance levels for more precise analysis.
• 😀 Quadratic AI is preferred over ChatGPT for audit sampling due to its higher accuracy and ability to generate consistent results.
• 😀 The AI tools help automate complex tasks, like filtering large datasets and performing compliance checks against RBI norms.
• 😀 Compliance checks include ensuring that data aligns with regulatory guidelines, such as asset classification norms from RBI.
• 😀 Quadratic AI provides detailed insights, such as identifying irregular or overdrawn accounts based on norms analysis.
• 😀 ChatGPT was used for initial tasks like data masking, but it showed some limitations in accuracy, especially in audit sampling.
• 😀 Quadratic AI improves the speed, accuracy, and efficiency of the auditing process by automating tasks and minimizing errors.
• 😀 Quadratic AI offers a free tier with 20 prompts, but after that, users need to switch to a paid plan for continued use.

Q & A

What is the primary task of CA Vidyawati in the presented scenario?

CA Vidyawati is using AI tools like ChartGPT and Quadratic AI to perform data analysis for a bank audit. The tasks include protecting sensitive data, performing audit sampling, and checking compliance with regulatory norms.

How does CA Vidyawati ensure data protection during the analysis?

CA Vidyawati uses ChartGPT to generate formulas for data masking, which helps protect sensitive information such as customer names and account numbers in the dataset.

What AI tools are used in the demonstration, and for what purposes?

The demonstration uses two AI tools: ChartGPT for data masking and generating formulas, and Quadratic AI for filtering, analyzing data, and performing audit sampling.

What is the first step in the process described in the script?

The first step involves data masking using ChartGPT, where formulas are created to mask sensitive data such as customer name, account number, and other identifiers.

What is the specific task performed using Quadratic AI in the demonstration?

Quadratic AI is used to filter the dataset for the financial year 1819, perform audit sampling using stratified random sampling, and check compliance with RBI norms based on the provided data.

How does Quadratic AI handle data analysis without requiring programming knowledge?

Quadratic AI automates the data analysis process by generating Python code behind the scenes, allowing users without programming knowledge to perform complex tasks like data filtering, sampling, and compliance checks.

What is stratified random sampling, and how is it used in the audit?

Stratified random sampling is a technique used to divide the dataset into different strata or categories and then sample from each category. In the demonstration, the sample size is divided into low, medium, and high loan balance categories, with 10%, 40%, and 60% sampled from each, respectively.

How does CA Vidyawati ensure that the stratified random sampling provides accurate results?

CA Vidyawati repeatedly runs the sampling process using Quadratic AI, checks the results, and ensures that exactly 40 records are selected for the audit from the dataset.

What is the role of RBI norms in the audit process demonstrated?

RBI norms are used as regulatory guidelines to assess the compliance of the data. CA Vidyawati uploads the norms document, and Quadratic AI performs a detailed analysis to check if the data complies with these regulatory standards.

What is the difference between ChartGPT and Quadratic AI as mentioned in the script?

ChartGPT is used for generating simple formulas for tasks like data masking, but it has limitations in accuracy and consistency, especially for tasks like audit sampling. Quadratic AI, on the other hand, provides more accurate results, performs more complex analysis, and offers interactive prompts for further processing.