Artificial Intelligence could continually watch out financial transactions: Speakers
Speakers at a webinar observed that Artificial Intelligence has the capability to take over many of the business activities performed by accountants and auditors.
However, they said the AI technology will not replace the professional judgment, insight, and direction only humans can give for the foreseeable future.
The webinar on Artificial Intelligence in Accounting and Auditing" was organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on Wednesday (31 May), reads a press release.
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Speakers said Artificial Intelligence will increasingly be able to examine vast quantities of complicated data previously thought unmanageable.
It will be able to focus on more skilled and fascinating activities. The AI software would enable the auditors to make judgments about which areas need the most scrutiny based on a sophisticated and thorough analysis of the clients' data and financial statements. This helps practitioners make the best use of their time in the audit works, they said.
ICAB President Md. Moniruzzaman FCA delivered the address of welcome at the webinar.
Khondkar Atique-e-Rabbani, member of ICAB and managing director of The Computers Ltd, presented the keynote paper.
Distinguished panel speakers were Akhter Matin Chaudhury, partner, MABS & J Partners – Chartered Accountants; and Dr BM Mainul Hossain, professor, Institute of Information Technology (IIT) University of Dhaka. ICAB Past President & Council Member Mahmudul Hasan Khusru FCA moderated the session.
