“Advisory platform set to improve services and reduce risks for auditors”
Kuala Lumpur, 5th August 2019 – MyFinB has successfully developed a dedicated web to mobile advisory platform for auditors called A.S.A.P (Advisory Support for Auditors’ Platform). The platform aims to solve the pain points faced by auditors by helping in funding, audit quality and value-add advisory services.
A report by Deloitte revealed that 40 per cent of accounting/audit work will be automated by 2020. Evidently, A.S.A.P is a step towards automating audit work and making the audit process less tedious and allowing auditors to focus on more better-quality work.
According to MyFinB spokesperson, “The audit industry is being driven by disruptive technologies. Artificial intelligence and other emerging technologies make it possible to transform audit functions. Now, good auditors can drive real-time insights regarding an organization’s risks and opportunities, based on an analysis of a company’s qualitative and quantitative data. These have the potential to raise the bar on the quality and efficiency of audits – while at the same time, generating greater business insights that can add significant value.”
“A.S.A.P helps to resolve frustration experienced by many professional firms in trying to stay abreast of increasingly complex tax and regulatory environment. A.S.A.P is able to solve practitioners’ pain points by leveraging smart technology and human expertise.”
This dedicated platform will assist auditors in 3 key areas namely:
1. Tackling audit work with precision.
2. Get the latest insights on audit best practices.
3. Elevating quality of services for the accounting profession.
The platform, accessible to members only, will include an advisory forum, a library of technical and analytical papers or reports and a funding platform. Through the advisory forum, members will be able to access an interactive forum containing an exchange of opinions between professionals.
Through A.S.A.P, auditors can receive help on standards, compliance and rules/regulations where they are able to use the in-built search engine for key aspects of accounting/auditing in their work. The search function will act as a mini google search of topics for easy retrieval and machine learning. The funding platform will also allow audit firms to raise funds, seek M&A or IPO opportunities.
In efforts to raise awareness on the benefits of A.I to auditors, MyFinB will be conducting a series of workshops for practising members of Malaysian Accounting Firms Association (MAFA).