It's time for auditors to upgrade themselves with AI to stay relevant

A Mckinsey Global Institute report suggests that AI is helping us approach an unparalleled expansion in productivity that will yield five times the increase introduced by the steam engine

Artificial intelligence (AI) and the accounting professional are getting hyphenated! Without AI, machine learning (ML) and big data analytics (BDA), the profession cannot survive. The undercurrent is that external and internal data have to be juxtaposed to derive any valuable insight. 

Consider the following example: 

A company seeking to score the universe of corporates in India took a “trainer” set of 40,000 companies and put it through the paces of 55 variables obtained by “crawling” through public data. This “trainer” set was empowered by ML. A powerful, predictive model emerged! This model after a significant seasoning was used on another set of