Like a freight train coming down the tracks, new technology will be here before you know it. The use of artificial intelligence, blockchain and data analytics is changing how companies account and how auditors audit. Rod Redding introduces participants to the basics of these new technologies and looks at how these concepts are changing the way companies complete their accounting functions as well as how auditors incorporate these concepts in the audit process. Trends indicate that both large and small companies will be affected. KPMG has announced plans to apply IBM's Watson cognitive computing AI technology to their professional service offerings including a focus on auditing services. Blockchain can provide a digital, distributed ledger that contains every transaction since its creation. The AICPA suggests that Blockchain technology could impact the financial statement audit, introduce possible new assurance services and new roles for the CPA auditor in the blockchain ecosystem. Others call Blockchain a game changer for the accounting profession. Data analytics is already being used by some audit firms in forensic investigations. Data analytics enables auditors to manipulate a complete data set – 100% of the transactions in a population – and for non-specialists to visualize results graphically, easily, and quickly. It also enables auditors to improve the risk assessment process, substantive procedures, and tests of controls. Rutgers and the AICPA have a Data Analytics Research Initiative (RADAR) to complete practical research on the growing use of data analytics. KPMG is working with nine universities for a masters of accounting degree in data and analytics. This course is sure to get you up-to-date with all these trends.
Upon successful completion of this course, participants will be able to:
- Identify the basics of Artificial Intelligence, Blockchain and Data Analytics
- Discuss the developments of the use of IBM Watson in auditing
- Identify the areas and applications in accounting and auditing where Artificial Intelligence, Blockchain and Data Analytics are being introduced
- Cite the role of RADAR (Rutgers and the AICPA Data Research Imitative) in the research and development if the use of data analytics in accounting and auditing
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