Question

1. Would an auditing-standard convergence prevent fraud at the top-executive level?  If No, how to deter top executives from engaging in illegal conduct?

2. As an accounting professional, what can you do better than machine or artificial intelligence? If accounting and auditing standards are 100% rules-based without any judgement, would there be more or less accounting jobs for us?

Answer 1

1. The auditing standards converge prevent fraud at the top executive level in se cases but it cannot eliminate entire frauds.

To deter frauds at top level manager the auditor had to implement the audit procedure in the way that the fraud made at top level management should be caught.

The auditor has to get deep knowledge about the bussiness and have to search the loopholes of the bussiness where the top level management can do frauds

Verify all the areas where the control of that area is entirely under top level management because of the entire control is under one person then the fraud making is easy.

2. Now a days there are many artificial intelligence are coming to substitute the people at work.

But no artificial intelligence can imitate the work of a professional. Why because the work of professional involves in making arts at some work .

The artificial intelligence cannot make arts on the work it can only execute the loaded data.

If at all the accounting and auditing standards are became 100% rule based there is a loss of employement to the people who has less knowledge .

But there is no job loss to the people having high knowledge that if they are able to execute all the standards with out the help of the artificial intelligence.

Even though all the standards are became rule based and all are loaded in artificial intelligence but the execution and implementation of standards are to be done by professional and the work done by artificial intelligence has to be valued and certified by a professional only.

So by analysing all the above points we can say the introduction of artificial intelligence in accounting leads to unemployment to the low level employees but not for professionals

These are all the explanations require to solve the questions.

I hope, all the above mentioned points and explanations are useful and helpful to you.