Into the Future: AI in Accounting
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). 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. 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.
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 Institute of Singapore Chartered Accountants Journal has approximately 32,000 memberships comprising chartered accountants around the world. Three students from the project group also joined the Deloitte Audit team after the project.
Professor Gary Pan, who is the faculty instructor for the course, commented “Accountants these days require more than just technical accounting knowledge to be a successful accountant in the digital age. They need to be able to think strategically, communicate effectively and be tech-savvy in order to unlock the opportunities which technology has created for the accounting profession. This SMU-X course enables my students and myself to look at the accounting profession from a fresh perspective and give our project sponsors recommendations on what can be done to create a meaningful impact to the accounting landscape. We believe in working closely with our industry to develop talents, and have our students to be industry-ready by the time they graduate. Through this project partnership, it is heartening to know that Deloitte Singapore was able to identify and hire SMU talents who are a good fit for the company.”