VIDUR’s Post

Our very own Chief Mentor,Mr. Anil Bhandari will be sharing his expertise on AI in finance at the upcoming panel discussion at #ICAIWOFA. He'll be discussing the opportunities and challenges of AI in financial decision-making. #ICAIWOFA #drut #AI #Finance #Technology #CA #WorldForumOfAccountants #AccountingToAutomation #DigitalTransformation #GRC #RiskManagement #Audit #Assurance #RPA #RoboticsGRC #ControlAutomation #ProcessMonitoring #ContinuousMonitoring #Compliance #Sustainability

AI in Auditing Processes: Decision Networks in Audit; Decision Networks in audit can be used to model complex decision-making processes involving multiple variables and outcomes. For example, in an audit scenario, a Decision Network could be used to analyze the various factors influencing a company's financial reporting process. This could include variables such as internal controls, management integrity, regulatory requirements, and financial performance indicators. By using a Decision Network, auditors can visually map out the relationships between these variables and assess how they interact with each other to influence the overall audit risk. This can help auditors make more informed decisions about where to focus their audit procedures and resources, ultimately leading to a more effective and efficient audit process. Overall, Decision Networks in audit provide a structured framework for analyzing complex audit issues and can help auditors identify key risks and opportunities for improvement in an organization's financial reporting processes. #ArtificialIntelligence #Audit

Working within the Compliance Office there are many responsibilities to ensure compliance across jurisdictions, agencies, and topics. Your time is limited – and the consequences for noncompliance are high. Learn more about how Compliance.ai can simplify your RCM process here: https://lnkd.in/emHv8XdC #regulatorychangemanagement #compliancesolution

Streamline Your Compliance with AI-Driven Solutions from HCT IT Navigating compliance can be complex and costly, but with HCT IT, it doesn’t have to be. Leveraging a decade of expertise and cutting-edge AI technology, we offer streamlined compliance solutions that not only simplify the process but also significantly reduce costs. Why Choose HCT IT for Compliance? AI-Powered Efficiency: Our AI-driven tools efficiently map, create, and develop the processes and documentation necessary for compliance. This technology ensures accuracy and speeds up the time-consuming tasks of gathering and organizing compliance evidence. Expertise and Experience: With over ten years in the industry, our team has deep insights into regulatory requirements across various sectors. We understand what auditors look for and how to prepare your compliance documentation to meet those standards effectively. Cost Savings: Preparing for a compliance audit can be expensive, often involving extensive manpower to compile necessary reports and documentation. Our solutions are designed to streamline this process, offering substantial cost savings. By working with HCT IT, you can save approximately $50,000 on preparing for audits compared to traditional methods. Comprehensive Compliance Services Include: Compliance Mapping: We identify and map out the specific compliance requirements applicable to your business, ensuring no detail is overlooked. Process Development: Our team develops and refines compliance processes tailored to your organization, making sure they are efficient and up to standard. Evidence Preparation: We gather and organize the necessary evidence required for compliance reviews, prepared and ready for auditor evaluation. CPA-Ready Documentation: Our documentation is meticulously prepared and organized, ready for review by a CPA, which speeds up the audit process and reduces the likelihood of compliance issues. Partner with HCT IT for Compliance That’s Smarter, Not Harder Embrace a smarter approach to compliance with HCT IT. Our AI-powered solutions and seasoned expertise make compliance straightforward, cost-effective, and reliable. Prepare for your next audit with confidence and ease, knowing that HCT IT has everything under control. 📞 Contact us today to see how we can transform your compliance process and save you money in the process. 🔗 Learn More About Our Compliance Solutions @ hctit.com or email us hello@hctit.com #ComplianceSavings #AICompliance #RegulatoryCompliance #HCTIT #TechInnovation #FinancialEfficiency

Auditing practice has significantly evolved over recent years, driven by advancements in #technology, regulatory changes, and increasing complexity in business operations. The integration of AI and data analytics has transformed traditional audit methodologies, enabling auditors to analyze vast amounts of data with greater efficiency. This shift has not only improved the detection of misstatements and #fraud but also allowed for more comprehensive #risk assessments. Regulatory/Oversight bodies have also tightened their requirements, prompting auditors to adhere to #Standards on Auditing and other ethical requirements. As a result, today's auditors are required to possess a diverse skill set, combining traditional #accounting knowledge with proficiency in advanced technologies and a deep understanding of standards on auditing and regulatory landscapes. #audit #assurance #icai #ca

Working within the Compliance Office there are many responsibilities to ensure compliance across jurisdictions, agencies, and topics. Your time is limited – and the consequences for noncompliance are high. Learn more about how Compliance.ai can simplify your RCM process here: https://lnkd.in/emHv8XdC

The Ministry of Electronics and Information Technology (MEITY) in India issued an advisory on March 15, 2024, regarding the use and deployment of artificial intelligence tools. Amongst the key points it appears that advisory is more targeted towards significant and large platforms and not startups and the removal of the requirement for prior government permission for deploying under-tested AI models, focusing instead on user disclosure. So is the Government distancing from restricting or controlling AI? As a Finance leader dealing with this advisory, what would you do to take a proactive approach to manage financial risks and opportunities.  ADITYA K MEHTA Purva Bafna Gaur Vikas Sarda Suresh Venkatasubramanian FCMA Suresh Pentakota Shiva Kumar Ravuri Vimal Jain Lakshmi K Vasudha KrishnaswamyCA BHAVIN BHAGAT CA Mahendra Kumar M Soni Achyut Huilgol Jayanta Ghosh Rashna Verma Sathish Khandhulvan Bikram Keshari Das Ankit Maheshwari Ajit Prabhu Ganesh Krishnamurthy Falguni Mehta Gandhi Gaurav Jalota Sayi Chorath Bhaskar Sabesan Nishank Agrawal Sachin Chitlange Srivatsan Sridaran CA Manish Srivastava Srinivasan KC Anand Mathur vikram zanwar Sandeep Modi Kalpendra Mehta Sanjay Banthia Siddhesh (Sid) Nikam Some things I could think of 1. Risk Assessment and Budgeting: Allocate budget for potential compliance costs, including user disclosure mechanisms, metadata implementation, and bias monitoring systems. Set aside a contingency fund for potential fines or legal proceedings. 2. Investment in Compliance 3. Allocate resources to strengthen your legal team or engage external counsel specialising in AI regulation.  4 Stakeholder Communication: Prepare disclosures that transparently communicate the company's approach to AI regulation and associated risks to investors. Consider the impact on company valuation and be prepared to address concerns. 5. Cost-Benefit Analysis:  Be prepared to pivot or discontinue projects that pose unacceptable regulatory risks. 6 Insurance ? #finance #generativeAI #artificialintelligence

🔥 Crush Compliance Chaos, Effortlessly! 🔥 Tired of juggling complex compliance processes? Let AI take the wheel! Don’t miss insights from Sarang Chandekar and Kritika Dua as they share strategies to lead your organization into the future. 📅 Date: December 19, 2024 🕒 Time: 1:30 PM GST | 9:30 AM BST | 12:30 PM AST 🔗 Register Now - https://lnkd.in/giVKTqzU #AICompliance #PolicyBreakthrough #GameChangerWebinar #Webinar

Introducing Docsum's redline analysis report! Imagine this, you have just received a bunch of redlines and comments on your MSA from the counterparty. You email it to Docsum and we send you back a detailed report within 1 min that includes the following: 1. Original Text: The original clause (prior to redlines or comments) 2. Redlined Text: The redlined version of the clause with clear highlighting for what was deleted and inserted 3. Comments: Any associated comments from the counterparty that provide additional context for the proposed change 4. Summary of Changes: A summarization of the material changes based on the redlines and comments 5. Recommendation: A quick recommendation to Accept or Review (based on your playbook) 6. Legal Impact: A summary of the impact of this change from a legal risk perspective 7. Business Impact: A summary of the impact of this change from a business risk perspective Many attorneys have given us feedback that the ability to quickly parse through and understand the context of the proposed changes for any version of a redlined document during a negotiation would be invaluable. AI contract review is great but having a simple summary like this could be more beneficial in more complex transactions. Feedback to improve this includes: 1. Prioritization: Indiciating and grouping by priority as it relates to set playbook standards 2. Team: Indicate which team or individual in your organization should be notified by the change (ie. Senior GC, CFO, SecOps, etc.) 3. Drafted Amendments: Ability to capture all the changes as a list of amendments that can be included with the original contract Would love to get your feedback, questions, and ideas as we continue to build this out! Happy to get on a call to walk you through it as well.

𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗜𝗺𝗽𝗼𝘀𝗲𝗱 𝗼𝗻 𝗧𝗿𝘂𝘁𝗵𝗶𝗴𝗵 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗳𝗼𝗿 𝗗𝗲𝗹𝗮𝘆 𝗶𝗻 𝗙𝗶𝗹𝗶𝗻𝗴 𝗔𝗻𝗻𝘂𝗮𝗹 𝗥𝗲𝘁𝘂𝗿𝗻 𝗮𝘀 𝗽𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟵𝟮. 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗢𝗿𝗱𝗲𝗿 𝗣𝗮𝘀𝘀𝗲𝗱 𝗯𝘆 𝗥𝗢𝗖 𝗙𝗮𝘂𝗹𝘁 𝗮𝗻𝗱 𝗟𝗲𝗴𝗮𝗹 𝗕𝗮𝘀𝗶𝘀 The Registrar of Companies (ROC), Mumbai, issued a penalty order against Truthigh Fintech Private Limited for violating Section 92(4) of the Companies Act, 2013, which requires companies to file their annual return within 60 days of the Annual General Meeting (AGM). 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟵𝟮(𝟱): Prescribes a penalty of ₹10,000 for default and an additional ₹100 per day for continuing failure, subject to a maximum of ₹2,00,000 for the company and ₹50,000 for each officer in default. 𝗗𝗲𝘁𝗮𝗶𝗹𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗶𝘀𝘁𝗮𝗸𝗲 𝟭)𝗖𝗼𝗺𝗽𝗮𝗻𝘆'𝘀 𝗙𝗮𝗶𝗹𝘂𝗿𝗲: The company failed to file its annual return for the financial year 2020-2021 within the prescribed timeline (60 days from AGM or its due date). No valid reason or reply was provided by the company or its directors. 𝟮) 𝗗𝗲𝗳𝗮𝘂𝗹𝘁 𝗣𝗲𝗿𝗶𝗼𝗱: The violation period was calculated as 932 days, from January 30, 2022, to August 19, 2024. 𝟯) 𝗟𝗮𝗰𝗸 𝗼𝗳 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲: Show Cause Notices were sent on August 19, 2024, to the company and its directors, but these were either not delivered or ignored. Notices returned with remarks like "Party left address. 𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 𝗟𝗲𝘃𝗶𝗲𝗱 𝟭) 𝗧𝗿𝘂𝘁𝗵𝗶𝗴𝗵 𝗙𝗶𝗻𝘁𝗲𝗰𝗵 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 (𝗖𝗼𝗺𝗽𝗮𝗻𝘆): ₹1,03,200. 𝟮) 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿𝘀 𝗶𝗻 𝗗𝗲𝗳𝗮𝘂𝗹𝘁 (𝗘𝗮𝗰𝗵): ₹50,000, including: Keval Mahendra Shah Gajendra Ravindranath Tiwari Peihan Wei Anubhav Dwivedi Sunil Kumar Ram Pawandeep Ashish Kumar 𝟯)𝗧𝗼𝘁𝗮𝗹 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗣𝗮𝘆𝗮𝗯𝗹𝗲: ₹4,53,200. 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗱 𝗔𝗰𝘁𝗶𝗼𝗻𝘀 𝟭) 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗣𝗮𝘆𝗺𝗲𝗻𝘁: The company and its directors must pay the penalties via the Ministry of Corporate Affairs (MCA) portal within 90 days of receiving the order. Proof of payment must be submitted for verification. 𝟮) 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: The company must file its pending annual return immediately and ensure adherence to Section 92 in the future.