The Institute of Chartered Accountants ICAEW: the technology can identify drastic changes in the regional pages

The gate Arab news technical

In the context of a panel discussion organized by the Faculty of Corporate Finance of the Institute of Chartered Accountants in England and Wales ICAEW about the impact of technology on the pages in the GCC, reported the Institute of Chartered Accountants, ICAEW, the institution specialized in the field of accounting and finance, basics of mergers and acquisitions in GCC countries still untouched by the potential of artificial intelligence, which has affected a large extent being dependent on the human capacity, however, successful technology in improving the speed of completion of the transactions, is expected to play a greater role in the future, Especially with the abundance of data with wider scope.

Met members and guests of the Institute of Chartered Accountants ICAEW in Club “the capital club” in Dubai International Financial Centre, Dubai, to discuss the impact of innovative technologies on the nature of the trades in the region, included a list of speakers both from the Christian Karsten, head of Department of data and Analytics at KPMG for the southern Gulf, and John Sharpe, Partner at Hatcher+, the Alexander Grove, Senior Manager at Drooms, and Rubin Potter, partner, Department of corporate finance Advisory at Deloitte, moderated the session peaceful sakhnin, a leading business adviser for Strategic Affairs, business, CEO, ICON investment consulting.

After the induction speech was delivered by Sam of Surrey, Senior Manager at Deloitte, speakers discussed how technological developments have impacted positively on the speed of execution of trades, and at the same time, speakers agreed that the fundamentals of merger and acquisition activity have not changed yet, and still rely on the human capacity, regardless of the digital tools available.

For example, the techniques of Artificial Intelligence, the equivalent of decades of knowledge and experience if you are feeding it the correct data; they can, in this context, the analysis of huge amounts of data over a long period of time, and the technology of the day several parties of companies in different areas to communicate and access to data, as well as the exchange of information immediate, in the context of mergers and acquisitions, technical developments such as room data on the internet, search services to businesses, databases, Informatics, and has led to the increase the speed at which is the completion of the transaction.

While the speakers agreed that in the near future will be giving away certain tasks which are outdated, will get some to style automatic whole or in part, and in many cases, will be designed to cancel or reduce the need for human intervention or decision-making, and techniques of artificial intelligence to accurately predict the tracks that are geared towards their markets, and what are the main trends, will be well able to reach a strategy were unprecedented, and the logs: already to analyze up to 15 languages, and take action before embarking on the implementation of the pages.

Speakers discussed how the auditors harness the best that technology has to offer to enhance the aspects of quality, the implementation of the tasks assigned to them, and thus improve the elements of trust and credibility in the financial markets, perhaps one of the key points raised by panelists is the fact that it can’t benefit from the technology only if the data available are of high quality, and meaningful information.

Since the process of using the manual data can take time and uses resources and costs, the scope of the data or the contractual relationship assumed is often restricted, and can lead to the resolution of costly and substandard, especially as the foundations for analysis and decision-making is incomplete.

The speakers explained that the programming of artificial intelligence that can currently identify and classify the relevant documents, can also be trained to find the data among related, and extraction and processing, once the software system properly, it can use hundreds of data points from documents, such as contracts, commercial real estate, so in a matter of seconds, and work around the clock, seven days a week, ensuring the consistency of the entire data.

Said Alexander Grove, Senior Manager at Drooms, with award-winning room data: “Have been providing cloud solutions such as room Virtual Data with the aim of safe storage and share the business information faster, through the introduction of the characteristics of machine learning in our system, we can help audit experts on creating the analyses necessary administrative and classified by importance, automatically, if all financial transactions of the company require the participation of confidential information, and in these cases the same time sensitive, the use of Room data useful to a large extent, we are currently working on the translation of documents from Arabic to English directly within the room data, and in the future, we see the ability of artificial intelligence to increase the efficiency of the necessary actions more and more, Access to set up about 95 percent of the reports of those actions with the push of a button, while you cover the 5 percent remaining of the tasks required by the experts.”

He drew the speakers to the presence of a gap in the Middle East in terms of quantity and quality when it comes to data, the regional organizations that was established from scratch during the past 25 years, focused mostly on operations, and did not pay any attention to collecting documents and many important.

If companies are serious to keep data in a way that arranged and coordinated, they can allow the experts of the audit, identify problems early in the period, and reduce the risk of unexpected at the end of the year, has led to this integration in order to change the functions of the audit significantly by improving the quality of audit, providing insight into new data that is collected.

Said Michael Armstrong, Chartered Accountant institutes, and the Regional Director Institute of Chartered Accountants ICAEW in the Middle East, Africa and South Asia: “the world is changing around us very quickly, so we need to be able to volunteer and work with a new set of professional skills needed in the twenty-first century, if data sharing is not part of the culture in the Middle East, but this must change, and artificial intelligence techniques are a great help in the field of business, but human intervention will continue to be essential when it comes to taking important decisions in the context of the completion of the transaction.”

The meeting was attended by over 70 members of the Institute of Chartered Accountants ICAEW, senior company representatives from the most prominent regional and global financial institutions.

The Institute of Chartered Accountants ICAEW: the technology can identify drastic changes in the regional pages

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