Automation of business processes is usually put forward as a means to make those processes more efficient and less costly - as a means to reduce the involvement of people and free them up for more substantive tasks. Robotic Process Automation (RPA) is the latest approach most commonly touted as a solution.
But there is another aspect of business process automation that sometimes gets overlooked.
We often hear that technology will enhance the roles of accountants and auditors by taking over the routine/rote tasks and freeing up time for analysis and interpretation. It sounds good until you start to consider exactly what this means.
Drones are being used in audits and experience with them is developing. So far, much of the use is in physical inspection of assets. A prime area of usage is for inventory count attendance.
Drones are being used to fly over the inventory area, often large yards, and take pictures of the stock. Data is developed to describe the pictures and the auditor has a comprehensive body of evidence to support physical evidence and often its condition. With drones, 100% of the stock can be observed and counted, which beats the taking of samples from a quality of evidence viewpoint.
Chartered Professional Accountants of Canada (CPA Canada), one of the largest national accounting organizations in the world, has chosen to become a founding partner of ThinkTwenty20.
