A growing trend towards the application of artificial intelligence in auditing is enabling auditors to automate tasks that have been conducted manually for years. James Kelly finds out how cognitive technology is evolving the audit process and how CPAs can take advantage.
8 March 2016 may go down in the annuals of accounting history as the day auditing beginning to change forever. On that day two of the Big Four, Deloitte and KPMG, both announced separate partnerships to embrace the adoption of artificial intelligence as part of their service offering. Continue Reading →
by GAA Accounting Comments Off on I robot, CPA
In this age of light-speed tech change, how far are we from the day when accounting software or an automated system will perform all the work accountants do today?
March 19, 2016: in a spare room in Seoul, Lee Sedol, world champion of Go, an abstract board game invented in China 4,000 years ago, squares off against AlphaGo, a Go-playing machine designed by Google and powered by an artificial intelligence software, distributed across hundreds of servers, called DeepMind. Continue Reading →
by GAA Accounting Comments Off on The eight technologies businesses need to plan for
By Eleanor O’Neill
New research from PwC has identified the eight technology ‘megatrends’ that businesses should consider in the coming years.
The study assessed emerging technologies based on business impact and commercial viability over the next five to seven years, identifying those which will likely have the biggest global relevance.
As the rate and scale of disruption caused by developing technology continues to grow, the report states executives face the challenge of implementing sustainable innovation strategies in their businesses. Continue Reading →
by GAA Accounting Comments Off on Ethics, whistleblowing and strategy 2020
Strategy 2020 encourages all Chartered Accountants to act with integrity and aspire to the highest ethical standards. Central to this is ambition is a clear whistleblowing procedure for those with legitimate concerns, writes Penelope Kenny FCA.
Whistleblowing programs must be grounded in a corporate culture of strong ethical values. Organisational values, which include whistleblowing policies, should be seen by the board as part of their internal control systems. For Chartered Accountants, some of our concern has been with the implementation of Companies Act 2014, the protected Disclosures Act 2014 and compliance with the disclosure requirements of Sarbanes Oxley in 2002. The Sarbanes Oxley legislation extended whistleblower protection to all employees in publicly traded companies for the first time. In Ireland, meanwhile, the Criminal Justice Act 2011 created a very broad new offence of withholding information. Continue Reading →
by GAA Accounting Comments Off on Cybersecurity: can you identify the weakest link?
Do forensic accountants have a role to play in investigating cybercrime? Rachel Richardson ACA and Paul Kelly ACA consider the forensic accountant’s skillset against the backdrop of this new and rapidly growing type of fraud.
Fraud is a persistent and rising threat to businesses in Ireland according to PwC’s Irish Economic Crime Survey 2016. 34% of Irish respondents reported economic crime in the last two years, up from 26% in 2014 and 2012. Continue Reading →
by GAA Accounting Comments Off on Reflections on Brexit
Mark Kennedy FCA shares his thoughts on Brexit and the possible implications for Ireland and its indigenous businesses.
The referendum decision to leave the European Union (EU) is a signal event in the history of both the UK and the EU. The implications in the long run are many, and will no doubt be considered from political, economic and social perspectives. And, of course, for many of us the business implications are a key issue. Continue Reading →