Intelligent CIO Middle East Issue 32 | Page 94

INTELLIGENT VERTICAL: FINANCE Accountancy and finance body ICAEW believes AI will have a bigger impact as data becomes more abundant increased the speed at which deals are made. While panellists agreed that in the near future some tasks will become obsolete, others will be fully or partially automated or, in many cases, redesigned to eliminate or reduce the need for human input and decision making. AI could more accurately predict where the market is going, what the trends are and will be able to come up with strategies never seen before. Already algorithms can analyse up to 15 languages and make the necessary due diligence before proceeding with the deal. Panellists discussed how auditors can utilise the best of what technology can offer to drive quality and deliver on their mandate to provide trust and confidence to the capital markets. One of the main points highlighted by the experienced panellists was the fact that technology can only help if the data it’s being fed is of high quality, containing meaningful information. Since the process of manual data extraction can be time and cost consuming, the scope of the data or