Accountants should be well-prepared to adapt to AI: ICMAB chief

The accountants have to be well-prepared to bring about changes in the accounting and auditing functions to adapt to the use of Artificial Intelligence, said Institute of Cost and Management Accountants of Bangladesh (ICMAB) President Md Moniruzzaman on Wednesday.

Financial transactions and account balances can be continually watched by using the Artificial Intelligence technology which gives better precision and correct reviews, he said at a virtual webinar, said a press statement.

The webinar on “Artificial Intelligence in Accounting and Auditing” was organised by the ICAB where Mohammad Muslim Chowdhury, comptroller and auditor general of Bangladesh was present as the chief guest. ICAB President Md Moniruzzaman FCA delivered the welcome speech. “As Artificial Intelligence is one of the ingredients of the 4th Industrial Revolution, we have to be well-prepared to bring about changes in the accounting and auditing functions to conform to Artificial Intelligence.”, he said.

Accountants have already embraced waves of automation over many years to improve the efficiency and effectiveness of their work, he said, adding that the use of Artificial Intelligence technology, transactions, and account balances may be continually watched. This gives better precision and the certainty that financial statements are correctly reviewed, he added.

“Accounting and auditing already employ supervised machine-learning techniques to enhance prediction models. In the future, businesses will employ machine learning across a more extensive range of processes”.

The keynote speaker Khondkar Atique-e- Rabbani, member of ICAB and managing director of The Computers Ltd, said, 4IRincluding AI will ensure people’s rights, opportunities and welfare. “Using 4IR we can achieve good and transparent governance, a healthy legal environment, and healthy country management- essential”, he said.

“We have already seen the transformational power of technology such as mobile financial services in Bangladesh. These new technologies will impact all disciplines, economies and industries, and even challenge ideas about what it means to be human. Adopting 4IR, Smart Government, Smart Legal System, Smart Public Private Systems, and Smart Economy, we can achieve SDG by 2031.”