[Anonymous]

EY drops $400 million in technology to automate its audits.

https://m.huffpost.com/us/entry/us_58dd8a5be4b0efcf4c66a733

[ForgottenOne]

So too surgeons, it is proven that robots make less mistakes on the operating table. However, somebody still needs to control the robot to tell it where to poke and makes the necessary correction

[Tncincy]

Must everything be so easy? boy, I wish this test was 🙁

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Skynet]

And all it takes os for one of those Audit Machines to give an “Adverse Opinion” on Humans and that is how “The Terminator” starts. The human race is DOOMED! : (

[sweazy]

lol well if huffpo says it then it's basically a lock that the opposite is true

BEC: 77
AUD: 67, 85, 87
FAR: 74, 74, 79
REG: ___

[Anonymous]

So all our jobs are going to be lost to robots within the next few years?

Good, that just means I should implant a chip in my brain and become a cyborg anyway 😛

All kidding aside, I wonder what is everyone's opinion on universal basic income? It seems to be the “remedy” to the AI revolution, but not sure how/if it would actually work.

[Reverie]

Isn't the same thing going to happen with tax? Makes our jobs easier tbh but might be less accountants needed.

[Anonymous]

An Audit Opnion is way too subjective and a Robot will have problems making the decision. However, a Robot could collect, analyze, compare, and evaluate the data and Audit evidence. Ultimately a person will be responsible for the opinion and whether the Robot collected the correct data etc. How the hell could a Robot observe a client counting inventory, inquiring about procedures, and other questions. We should be okay for the next 20 years – Hopefully!! 😧

[Anonymous]

I don't think it will work that well. Aren't there already very good audit softwares out there that companies use to do some analytical procedures and other stuff that is done during an audit?
I don't see how using a robot is going to accomplish anything significant.

[Anonymous]

They probably don't mean robot like a mechanical robot, but rather artificial intelligence in the sense of software and programming.

Not sure how up to speed or what younger accountants are learning in school, but I have a few years working in public and have seen many automated processes that are going to put (and have already been putting) people out of work.

For example, an accountant can simply download a file nowadays from the client's bank that allows them to import it into accounting software like Quickbooks and all the transactions are automatically posted to the correct account. This just about completely eliminates the bookkeeper's responsibility and can easily be done for a fairly large company within an hour and just once a month (or whatever frequency agreed upon with the client). The accountants job then is to ensure the transactions are accurately being posted and to analyze/provide feedback on the monthly financials to the client. Even that step can eventually be eliminated by artificial intelligence as well.

Not to mention, excel and other database software can be programmed using macros and such to automate processes. This has been going on for years now and my prediction/recommendation is that all future accountants become more familiar with various coding and programming language in order to ensure the best job outlook.

[Anonymous]

Last paragraph in the article nails it:

“According to Randstad, a global recruiting agency, ‘transactional roles like general ledger, accounts receivable and payable may be endangered, but other higher-skill roles like financial planning and analysis or business controlling would still be in high demand.'”

[Anonymous]

But who's going to audit the audit robots?

[shawn in VA]

I don't know about Audits but in Tax where I work, there has been a lot of advances in just the last 5 years. At the firm I work at, we implemented a system that for 1040s you put all the tax documents (w-2's , 1099s, etc…) through a machine/scanner , then all the numbers show up in the tax software so basically a human is not inputting stuff. Then I just go into the tax software and make sure all the numbers are in there and print the tax return. My manager does a quick review, partner does a VERY quick review and off it goes to the client. Bottom line is we all have jobs still but a lot of the grunt work is done by the machine. This has enabled us to take on more clients, but has not threatened any jobs.

[Skynet]

Ok in all seriousness, will the Audit Robots required to be issued a W-2 or a 1099?

[M123]

I submit these thoughts for consideration:

1. These companies have been trying for years – some of their efforts have been successful – some an abysmal failure – it all depends on the vision, leadership and project management. $400m is nothing if it's wasted.

2. Over 100 years ago, Ford created a vision for an automated car build. They perfected the assembly line. Manuf has a lot of processes automated with robotics but there are still assembly lines and there are still people that need to make sure things move along and control is in check. Control – a familiar term.

3. Robotics with computers right now are literally glorified macros in terms of advancement. While they promise intelligent decisions and human thought processes – right now, getting it to click the right part of the screen is enormously time consuming. We are a long way off from an audit which a Big-4 would put their name on without any intervention. That may never (and likely will never) happen. Same with tax (also going on – which I hear on good authority).

For those who are pursuing accounting, pursue on. As you have grown up and seen the proliferation of phones, so will our future of accounting evolve. But for those people who have both the training and drive to move further, they will be ok. But do try to keep on top on the technological front too.

Elon Musk says that automation in the future will be so pervasive that economies won't be built on jobs but basically allowances for people. Who knows.

[Anonymous]

Do you guys even know what universal basic income is?

[Author]

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