A senior SMSF professional has confirmed artificial intelligence (AI) is expanding in its application to fund audits and in doing so is significantly improving the processes involved.
“There are an increasing number of AI tools all the time, [but] I think instinct is still important,” Saul SMSF chief executive David Saul noted.
Specifically, Saul recognised the areas in which AI is currently having a presence.
“We’ve got intelligence in document review and document classification, there [are tools covering] legislation and rule referencing, we’ve got workflow automation, which has been a long-term challenge, but we’re getting on top of that and then we can back up our decisions with judgments,” he told delegates at the SMSF 2030 event hosted by Saul SMSF in Sydney last week.
In addition, he pointed out the tangible benefits the adoption of AI tools in the audit process are already allowing both practitioners and clients to enjoy.
“All of these new technologies open up so much freedom. [They allow us to] talk to our clients faster. We can get signatures faster. We can turn [audits] around faster. We can lodge faster and we can give clients [a greater level of] confidence faster,” he explained.
However, he stressed professionals are unlikely to be able to ever rely on technology alone when performing SMSF audits.
“To me, more importantly, it’s about putting the right people in at the right time and giving the right advice with the right personal touch where it really matters. That’s what’s really critical,” he said.
Further, he emphasised the true nature and importance of the SMSF audit continually needs to be recognised as well.
“Many people think of the audit as just a necessary nuisance, but [it’s much more than that],” he indicated.
As such, he warned against the use of low-cost audit providers who are unlikely to address urgent complex compliance issues.
