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Your Company Needs A Better Risk Management Approach

  The world has learned the hard way over the past year that most companies have done a bad job of managing risk. And not only banks and investment firms. Accenture’s Global Risk Management Study  found that executives at business enterprises across a wide range of industries believe overwhelmingly that they ... Read More

External Auditors: An Ally or Opponent?

  External Auditors: An Ally or Opponent? Unfortunately, the finance departments of many companies mistakenly believe that having an external audit annually is part of their internal control structure they can rely on to ensure their financial statements are accurate and their internal controls are sound.   While the objective of an external audit ... Read More

What are the benefits of having professional financial advice?

Professional financial advisors have years of training, tools, and experience working with many different clients and situations. Because of their broad experience, professional advisors can quickly assess your needs and offer advice that reflects the best practices of the financial industry and is appropriate for your particular needs. In addition, and ... Read More

NEWS: “IFRS will promote corporate governance” – FRC

The Financial Reporting Council of Nigeria (FRCN) has said the convergence to the International Financial Reporting Standards (IFRS) by Nigeria will promote corporate governance in the country. This, according to the Council, will also enhance foreign direct investments and national economic growth. Chairman, Governing Board of the FRCN, Mrs. Maryam Ladi Ibrahim ... Read More

Do Good Accountants Always Do Good Audit?

In 2002, the President of United States passed into law the Sarbanes-Oxley Act of 2002 addressing corporate accountability. A response to the financial scandals that undermined citizens’ confidence in U.S. business and perhaps most important, though, it puts the accounting industry under tightened federal oversight. It creates a regulatory board—with ... Read More

PML Associate Director, Adeola Adesanya talks about IFRS in Nigeria at The IFRS Jamboree 2014

https://www.youtube.com/watch?v=Cb8TGKaEf8o Associate Director, Adeola Adesanya Opens the IFRS Jamboree 2014 event with an insight into IFRS In Nigeria.

PML Advisory Gathers Accountants, Auditors & Finance Manager for a One Day IFRS Jamboree Event in Ikeja.

PML an advisory services provider with seasoned and experienced professionals with years of hands-on engagements in financial advisory, auditing, risk management & accounting services, held a one day IFRS jamboree for professionals in accounting, auditing and finance industry on Wednesday 22nd October 2014 at the LCCI conference center Alausa ... Read More

REGISTER NOW FOR THE FREE IFRS JAMBOREE 2014

As part of our corporate social responsibility, we are hosting the free IFRS Jamboree for Accountants, Auditors and all Finance Managers This event is free but pre-registration is required. REGISTER HERE NOW!!! Registration ends on 20th, OCtober 2014. It is absolutely free....

Our weekend video

http://www.youtube.com/watch?v=nlezdT5aJts The weekend is here again plus the Eid Mubarak celebration!!! Click to watch our weekend video HERE...TGIF

CELEBRATION OF NIGERIA’S 54TH INDEPENDENCE

We have never stopped believing in possibilities since 1960. We have kept our hopes and dreams alive even through the worst adversities. We have fought defeat and stayed friends with victory. Our differences may have been our enemy yet we choose to take it as different identity surviving under ... Read More

Your Company Needs A Better Risk Management Approach

The auditing profession, long rooted in manual processes and physical documentation, is undergoing a seismic transformation driven by artificial intelligence (AI). This technological revolution is not just enhancing efficiency and precision but is fundamentally redefining the role of auditors in the modern business environment.

The Traditional Approach vs. AI-Driven Auditing

Traditionally, auditing relied heavily on manual sampling, a time-consuming and error-prone process. Auditors would examine portions of financial data, relying on extrapolation to draw conclusions about the entire dataset. While effective, this method left room for oversight and inefficiencies.

AI has introduced an entirely new paradigm. By enabling auditors to analyze entire datasets in real time, AI eliminates the limitations of sampling. This holistic approach ensures greater accuracy, more reliable financial reporting, and significantly reduced time spent on routine tasks.

Key Advantages of AI in Auditing

1. Unprecedented Efficiency and Accuracy

AI-powered tools can process vast amounts of data swiftly and accurately. This capability reduces the likelihood of errors, enhances the quality of audits, and instils greater confidence in financial reporting.

2. Enhanced Decision-Making and Insights

AI’s advanced analytics and predictive capabilities empower auditors to go beyond traditional checks. Auditors can now identify potential risks and provide forward-looking recommendations, elevating their role to that of strategic advisors.

3. Improved Fraud Detection

AI excels at detecting anomalies and patterns in large datasets, a critical capability in fraud prevention. Its real-time monitoring strengthens trust in financial systems by identifying irregularities before they escalate.

4. Cost and Time Savings

By automating repetitive and routine tasks, AI significantly reduces both the cost and time associated with audits. This allows auditors to focus on higher-value activities such as risk assessment and advisory services.

5. Strengthened Compliance and Governance

AI facilitates continuous transaction monitoring and keeps organizations updated on regulatory changes. This proactive approach ensures better compliance and enhances internal governance practices.

Transforming the Role of Auditors

The adoption of AI is redefining auditors as essential contributors to business growth. By providing deeper insights and actionable intelligence, auditors are now positioned to drive long-term sustainability and stakeholder trust. AI not only broadens the scope of auditing but also reinforces its importance in a rapidly evolving business landscape.

Looking Ahead: AI’s Long-Term Impact on Auditing

As AI continues to evolve, its applications in auditing will expand further. Innovations such as machine learning, blockchain, and advanced predictive analytics promise to enhance the profession’s value proposition. The future auditor will likely be a hybrid of technologists and strategists, leveraging AI to provide unparalleled insight and value.

Conclusion

Artificial intelligence is not just a tool but a transformative force in the auditing profession. By improving efficiency, accuracy, and decision-making, AI empowers auditors to adapt to complex business environments and maintain relevance in the digital age. The future of auditing, shaped by AI, is one of innovation, trust, and strategic significance.

This transformation is an invitation for businesses and auditors alike to embrace AI, ensuring that the profession remains at the forefront of technological advancement and continues to deliver value in an increasingly dynamic world.

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