AI, Bots reshaping accounting industry is welcome trend, says visiting IFAC President Grimes

K.R.Srivats New Delhi | Updated on March 10, 2018 Published on December 06, 2017

International Federation of Accountants (IFAC) President Rachel Grimes has endorsed the increased use of artificial intelligence and bots in the professional routines of accountants.

She is of the view that the accounting industry need to embrace technology to work smarter and more efficiently. IFAC is the global organisation of the accountancy profession and comprised of over 175 members and associates in more than 130 countries.

Grimes, who is visiting India for the first time as IFAC President, does not see the use of such advanced technology affecting the career prospects of young Indian professional accountants.

“I think really it is exciting. The use of artificial intelligence and bots will encourage auditors to look forward more than backwards. This will give them more time to analyse data. There has never been more exciting time than now”, Grimes told BusinessLine here on Wednesday.

Grimes on Wednesday met the top policymakers and regulators of the country including the Corporate Affairs Secretary, Controller General of Accounts and the Comptroller and Auditor General of India.

On Thursday, she will address an international conference in Mumbai, organised by the Institute of Charetered Accountants of India (ICAI).

Machine learning and AI are not a threat to accounting industry, which are starting to implement such advanced technology to streamline their operations, she added.

“As a preparer of financial statements (in her role as a CFO), I am keen to ensure that my staff don’t end up doing mundane work. I don’t want them just to do journal entries and review check lists. They also don’t want to do boring stuff..”, she said.

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Published on December 06, 2017
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