Use of RPA and AI for intelligent financial audit management.
Use of AI and Blockchain for logistics and warehouse tasks.
Use of the most effective machine learning and predictive algorithms.
Process automation tools (RPA) and integration with the management tools.
The increasing development of robotics and artificial intelligence (hereafter AI) is inevitably changing the way business is done. The audit business is not going to be an exception.
Recent fraud and bankruptcy cases show us that the traditional audit is not providing the necessary assurance, nor has it ensured the quality of financial information. These limitations in audit frequency and quality may be due, in part, to the manual nature of traditional procedures that are labor-intensive and time-consuming.
An audit involves performing procedures to obtain reasonable and sufficient evidence about the amounts and disclosures in the financial statements. The procedures selected are intended to assess the risk of material misstatement in the financial statements. In making those risk assessments, the auditor considers internal control relevant to the manager’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate. The existence of manual traces in the flows leads to breaks in traceability that raise doubts about the quality of internal control and therefore call into question the correctness of the reported income: risk of material misstatement.
New technology always brings new business opportunities. If 94% percent of current accountants’ and auditors’ jobs are susceptible to automation in the next ten years (Frey & Osborne, 2013), we will help companies to take advantage of these technologies and become more truthful, effective and efficient. It is not easy to explain why, prototypes related to intelligent automation of Corporate Accounting and Auditing are in their infancy. The availability of this technology will provide an important competitive advantage.
The prototypes developed in the research work of Universities and companies related to local RPA and AI are little known, which requires a major effort to make us known, to explain the potential we offer to automate the entry of paper invoices to ERP, or the figure of an audit robot software that will allow crosses digitized data and provide information security.
IAAC has the academic knowledge of the different members of the University of Murcia, as well as the experience in automation development (RPA) and products of AUNNA (Zambudio Group). This pooling results in a research and transfer team with extensive experience in developing research projects in the financial area and Artificial Intelligence, as well as implementation of RPA applications in industry.