Perceived Benefits

Probable Risks

● Cost savings and operational efficiencies.

● Improved productivity.

● Improved customer services.

● Greater accuracy.

● Flexible working style.

● Process governance.

● Manpower saving.

● Risk management.

● Metadata Analysis.

● Moving focus away from repetitive, time-consuming and rules based tasks.

● Reallocation of saved times and prioritize more complex and value-added tasks.

● Conflict of interest and/or threat to independence (on the part of the external auditor) in case of organization under greater monitoring by AI.

● Extinction of conventional jobs/tasks.

● Rise of income inequality and wealth inequality.

● At the present level of intelligence in AI applications, it is not possible for the AI system to update itself in response to changes in laws, regulations and policies. So, frequent changes may hamper the process.

● Greater cost commitment.

● Lack of expertise on the part of the accountants and auditors.

● Resistance from existing workforce.