43 World Continuous Audit Symposium

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Presentation transcript:

43 World Continuous Audit Symposium Miklos A. Vasarhelyi KPMG Distinguished Professor of AIS, Rutgers University Director CarLab November 1, 2018

THE CARLAB (CONTINUOUS AUDIT AND REPORTING LABORATORY) RUTGERS BUSINESS SCHOOL THE CARLAB (CONTINUOUS AUDIT AND REPORTING LABORATORY)

AIS #1 out of 150 #1 Audit #9 out of 355 #6 out of 370 #14 BRIGHAM YOUNG UNIVERSITY The Ranking of Rutgers in the Accounting Areas 2017 Areas Ranking 2011-2017 Ranking 2005-2017 Ranking 1990-2017 AIS #1 out of 150 #1 Audit #9 out of 355 #6 out of 370 #14 Financial #61 out of 397 #76 out of 406 #78 Managerial #116 out of 300 #85 #74 Tax #69 out of 129 #57 #71 Other #21 #40 #23

Jimmy Chin Skiing down the Everest

CarLab

CarLab CarLab Analytic Research Client Retention Project Choosing apps Predictive Analytics with Weather data Audit data analytics and EDA Envisaging the future of audit and Big Data Text Mining Monitoring Unibanco’s branches Visualization Process Mining at Gamma Bank Expert System for P-Card Logit regression for control risk assessment Exceptional Exceptions Client Retention Project Litigation prediction Fraud Risk Assessment using EDA Detecting duplicate records Continuity equations Predictive Audit Credit card Default prediction Insurance Analytics Multidimensional clustering for fraud detection Rule-based selection for transitory accounts Continuity Equations at HCA XBRL XBRL Insurance Analytics Cognitive Decision Aids AI: Deep Learning Robotic Process Automation (RPA) Intelligent Process Automation (RPA) Blockchain and Smart contracts Cluster Analysis of US States

Research Team 10 resident faculty + 4 non resident senior fellows 22 PhD Students or recent graduates 4 undergraduate assistants 4 international visiting scholars One post doc student A multitude of related resource people CAR Lab Advisory Board Meeting 4/30/2019

The Carlab Active Research Efforts KPMG projects AICPA -> Audit data standard ACL/ AICPA NFP organization project Open data efforts Rutgers Internal Audit ADS / P2P project Robotic process automation / Intelligent process automation with 3 cpa firms Teaching course for PCAOB examiners Contracting RPA course with AICPA 3 other professional instruction initiatives in advanced negotiation (should we do this?) CAR Lab Advisory Board Meeting 4/30/2019

Some questions Will blockchain and smart contracts allow finally for a continuous audit? Will the digital ecosystem transform auditing basically into a control / exception system layer? What will be the time frame for the reduction of auditor manual efforts at the level of disruption of the workforce? What will be the skill set necessary for the auditor in the next decade? Where to place research effort in artificial audit intelligence? What is the role of standard setting? GASB - RBS Meeting 4/30/2019