Company Sponsor: Deloitte Singapore
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax & legal, and related services. With more than 150 years of history, Deloitte currently employs approximately 312,000 people in 150 countries and territories.
Title: The Future of Audit – an AI Perspective
Project Team: Caleb Castro, Lam You Kang, Ng Yen Lyn, Jason Koh and Amos Tan
The Deloitte project focused on exploring the changing roles of auditors and examined ways to simplify, streamline and harmonize essential audit process with Artificial Intelligence (AI). Students also had to envision how the future of audit and the profession may change as the traditional roles are transformed with AI, to become more efficient, strategic and catalytic.
Requiring audit, AI and business knowledge, coupled with active mentorship from the course instructors and Deloitte representatives, students had to research and recommend accounting processes that could be simplified and streamlined, which include rethinking how structures and skills could evolve within the audit profession.
Impressed with the students’ final recommendations, Deloitte’s senior management shared the students’ report as an input for the company’s strategy for the future. The students’ report, titled “The Future of Audit – an AI Perspective” was also published in the ‘Institute of Singapore Chartered Accountant Journal (April 2018 issue)’ – a testament to the innovative and practical research ideas proposed by the students.
(The above images are sourced from the April 2018 Issue of the ISCA Journal)