Question

five current and potential uses of artificial intelligence in tax return auditing

Answer 1

Uses of artificial intelligence in tax return auditing are :

• Artificial intelligence helps in reducing fraud in the system and eliminate potential frauds being done. They can easily vathch the misstatements that are possibly remained unseen by an auditor and hence prevents for any fraud being committed.
• This helps in completing difficult tasks on an automated way which saves time and efforts. It also has reliability and the process done by artificial intelligence can be taken as accurateydone and auditors can rely upon them without wasting much if theur time doing on their own.
• Tax forecasting can be done more accurately through artificial intelligence. It can help in predicting the future rates and the basic trends so that a better analysis and forecasting can be done regarding the tax rates, and also it would predict the sales that could be made in coming time and its related tax burdens.
• Artificial intelligence is capable of running a deep analysis of various code and can easily understand and reduce any organization's tax liabilities without taking much of the time. So, it can help in making great savings for the organization.
• Artificial Intelligence helps to apply the machine learning to the auditing process that makes the various processes of auditing like classifying and identification of particular assets or other transactions easily and saves manual efforts. It classifies and select the areas which are of more importance and saves time from reviewing each and every part which are even not important.