How the ever-changing world of digitization is changing the accounting and auditing world

1. Digitization of Accounting
and Assurances
CA. Dhruv Seth
dhruv@sethspro.com
www.sethspro.com

3. DISRUPTION

4. Impact of
Disruption
- Augmented reality might make
aircrafts redundant
- Taxi’s are already today called Ola / Uber
- Retail now mean Flipkart / Amazon
- Consumers are now producers (Ebay /
Olx)
- Paper currency to Math currency
- 3D printing to replace construction
- Algorithm based stock trading

6. Impact on
Accounts
- BOT’s to automate accounting
- Documents would turn into Meta data
- IOT to automate supply chain
- Receipts would become redundant
- API’s would become the mechanism
through which business communicates
- Crowd funding to replace staple finance
Lower investments in Auditing

8. INSIGHT
KNOWLEDGE
INFORMATION
DATA

9. BUSINESS
Artificial
Intelligence
TRANSFORMATION
Currency
Customer
Analytics
Supply Chain

10. Bot’s in Accounting
Reduction in human intervention
Automated Statutory compliances
Interaction through voice recognition
Automated financial statements validation
Automated process based on triggers

11. 1
2
3
4
6
5
Developing
AI
Geography
redundant
Data to Insight
True & Correct
ASSURANCE
Bot’s in Assurance
100% coverage
Real Time
audit

12. Analytic
STEP 1 Evaluate
Trend
STEP 3
Data
Validation
STEP 5
Query Records
STEP 2
Ratio
Analysis
STEP 4
DEPLOYMENT of AUDIT PROCESS
Red Flagging and
reporting
STEP 6

13. FUTURE ASSURANCES
Future
Cybersecurity
IOT
Data
Mobility

14. FUTURE PROOF
Future
Big Data
Continuous
Predictive
Agility

15. CAPACITY BUILDING
Digital
Quotient
Adopting Artificial
Intelligence
Developing
Products
Understanding
Digital Trade

16. CRYPTOCURRENCY ???
PGBP v. Capital Gains ?
Cash & Cash Equivalents OR Other Assets ?
Treatment – AS-3 or AS-13 or AS-26 or AS-30
Currency v. Property v. Software
Is it liable to GST ?

17. The fight would not
be of the big and
small
……
It would be of the
fast and slow

18. THANK YOU !
CA Dhruv Seth
Partner
dhruv@sethspro.com
Offices
New Delhi Lucknow
C-7, Sector A Ground Floor, AI Apartments,
Vasant Kunj – 110070 Jopling Road - 226001
Connect with us
Seth & Associates
Chartered Accountants
www.sethspro.com
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