AI in ICAI Video Playlist

You can move to the next Poonam madam. Screen visible in madam. Hello I'm muted madam you are on mute please unmute madam. >> Yes. Am I audible? >> Yes, yes. >> Yes. Good evening everyone. A CA practicing has three layers. We audit a client books, we compute their tax, and we manage ongoing relationship. These are not separate jobs. They are happen to the same client in the same or different month, in the same laptop or desktop. With this idea in mind, I see Poonam Dauri built with the help of Python here built and which is not no API keys required. It is on local host and zero subscription. The tool CA intelligence tool. The audit AI helps in assessing the audit risk in seconds with the same depth, same quality, and ICA SA with zero additional cost which human can miss by uploading trial balance in CSV. To remember all SA is very difficult. That's audit AI by just uploading the trial balance in CSV, it will give instant 12 layers of audit AI and fraud risk. And by in tax sentinel, before filing the ITR, we can analyze the whether the CBDT scrutiny risk will will come or not. Yes. So, you can upload trial balance CSV here. I'm using the demo data. Here Mehta Textile Private Limited critical anomalies are eight, medium risk is seven. Moving forward, the Benford it is showing the Benford chart that actual versus the expected it is also giving the account wise risk that is where it is critical 50 the score and also the year year over year change. It is also giving the year suspicious account three prior top priorities. Also identifying the critical finding and audit procedure. The audit rating is score and audit risk that is 55% and critical anomalies and medium risk item. And all are all the top anomalies which are detected are mapped with the ICIS standards of auditing and also showing the semi-circle gauze with the risk which we have. And moving towards it also gives the Z score outlier. If it is greater than two, then it is a it may be the situation of critical. Here it is 4.26. In threshold ratio analysis, medium or high the risk is signal is giving. In the materiality, materiality the planning materiality as per para 320 para nine, materiality will be 0.75% and para 11 SA 320, the materiality will be 75%. In trivial inconsequential, the materiality of is of 3 to 5%. It also showing the material items and which should be we should examine. Here it is showing the duplicate entries whether it is made the entries posted twice or rounded to match. Again, it is also showing the nearby nearby entries. In this, whether it is a split billing or intentional rounding off. Moving forward, it is also giving the working paper of all the You can download the audit program from here and you can see the audit program is get downloaded. The CARO in this particular case as it is a private company and the capital paid up capital and reserve is less than 1 crore. So CARO is not applicable. All the 21 clauses of CARO, it is showing here that you can just by clicking whether it is compliant, partial or non-compliant or not applicable. You can create a report that is a draft report and that report you can also generate CARO draft report from here by just clicking the download. Moving forward the related party, it is showing the critical accounts and the related party all the items under the SA 550. And the going concern under section 570 SA 570 as the current ratio is less than one that is 0.38, the liquidity crisis are there which we have to verify. Moving forward, it also shows the income tax notice probability. There is a 55% risk score that one under notice under 143 two can come. Here you can generate the management letter. You can just click the download. You can also generate the Excel working paper and uh key audit matters under SA 701. All the matters with what matters are addressed, all the details are given here. You can just download all the KYM. Moving forward towards the tax sentinel, here you can see two parties of the demo. I am using Rajesh Kumar. In this the salary income is this much, business income. Just by clicking the run analysis, it is showing that risk risk individual 86% it is a critical by also saving seeing the semicircle cause and the tax liability computation it is doing whether it is old or new regime which is better. It is also calculating tax under section 44 AD, ADA, and regular books of account which we should opt as it is also showing the option that 44 AD is optimal. You can also see head-wise risk which risk is high. And the predicted under the this and also give the ITR form which is recommendation under ITR form three. You can also see here the 234 ABC and what-if analysis you can change from here and the ratio will get changed. The due date calendar and GST reconciliation. Moving forward, yes, you can save the client database to the SQLite, save to client database, and you can also generate the tax PDF and download here. See, in practice IQ, the due date of all the compliance you can see here and top three priorities action which should be taken care of today that it is showing upper side. AI smart trials in this just by WhatsApp reminder you can send directly from here. You can just click the mobile number of the client here. By clicking the mobile number, just click update and open in WhatsApp. You can see the message is changed to Mehta and you can also customize the message if you want. Moving forward, you can also see the client portfolio, the health of client which transactions we are doing, and also the compliance status fully compliant, minor or minor overdue. You can also see the deadlines here. The data will be saved in SQLite only. You can also see the revenue opportunity radar, that opportunity which are untapped revenue. By and that to the with risk level you can just click propose by clicking the proposal proposal free proposal will be ready and you can just click by download the proposal will get downloaded in two tier and three tier cities. Mostly we see the people are not watching the Gmail they are you used to WhatsApp. So by just sending you can send send mail also after that but by sending WhatsApp you are con And same thing you can do here also. Which we did before. Moving forward. Sorry. Yes. Practice analysis, monthly revenue trend and the client portfolio it is showing and also the billing. From which client how much is the realization amount and it is also showing us uh fees which is not revised from last two years. And the engagement letter you can just click the company name and you can select with the engagement type which you want and by clicking all the figures the rate you can decide and the letter will be ready. You can just download the text and also download it as PDF. Our AI is not replacing CA but a CA who uses AI will replace a CA who doesn't. Thank you. This is all from my side and I'm open for the questions. Hello. Hello. >> Yes madam yes yes. >> Oh I I think I'm lost. Sorry. >> No we were lost in the big pool which you have created. >> Thank you so much. >> So it was a sea of uh two sea of functionalities. >> Yes. >> So I have two three small questions at Puramji that >> Yes, sir. >> You spoke that 50 that my income can increase and while you spoke that there was an opportunity for will and etc. Will you say what I have done it? >> Um billing opportunity got >> Yes, yes, billing opportunity. As CS we have to all think of our profit loss account first. >> This one, right? Our proposal you want? >> Many billing opportunity you say that you know I have my revenue can increase my >> It's my revenue generated or I have my client account as data you rule-based is it? You have the data is totally rule-based. >> No, not this one, not this one. Probably the other one which you are showing. >> Uh I think you are asking about this one. >> Yes, yes. >> Uh here the conditions are integrated, so you can see here the estate planning succession aging past the family dispute. It is also showing the condition like internal audit kind of multiple flag. >> But madam, is there family dispute over your money is it? >> I said came out of that sir but It happens sometime like client discuss with us, so we can propose. >> So, you are saying that this is again rule-based that if it is an HUF then estate planning can be done, succession planning can be done. Succession aging Okay, and family dispute signals. This guy has this kind of and that with a high probability. >> Yes, sir. >> And what if if I've done it in the previous year? >> Sorry, sir. >> Because this is but love Money I have done it done the dispute resolution or the family planning or the estate planning in previous year. So, consider that it's a rule. All the HUF will signal these kind of probabilities. >> Yeah. >> So, consider if you have done the will and estate planning in the previous year, but this tool how will this tool not show it this year? >> Uh actually that I that change I have not made sir as the if it is already known, so I have to change that in >> Okay, done done done. Okay, done. Then how do you say FEMA compliances for Mehta and Associate LLP? What are the data points which you are uh capturing? >> For FEMA, sir. >> Mehta and Associate the last line item Mehta >> Yes FEMA compliance review. As all the demo demo data is there sir by demo seeing the demo data, it is the system is analyzing and giving >> No, no, I'm not getting into the demo demo data, ma'am. So you say that it is a rule based tool. So what are the rules in this capturing to give you this consider FEMA? So it must have read certain signals in the accounts or the data which I've downloaded. So what are the data which it has seen or what has it triggered what has triggered to show this uh probabilistic assumption of FEMA compliance? >> This is the GST by showing the GST data by seeing that GST data it analyzed the FEMA compliance whether the FEMA will applicable in that particular case or Uh FEMA sir specifically which uh Maybe there will be some you can just just wait, sir. >> So the rules are mentioned in the very nice. If you can check once. >> Yes. Initial consultation it is only giving the requirements, sir. >> Okay, then. So I would request you to recheck on these these aspects. So one is that how are these being triggered? And second is in case I've addressed it once, it it does not shows me every time because >> Yes, sir. >> So, and >> I will I will take as an improvement, sir. >> Yes, yes, please, ma'am. And so, you spoke that 50% there's a risk of 50% income tax notice. So, how is that risk being calculated, ma'am? >> Just wait, sir. Here ratio, sir. >> Yes, and and let me tell you the UI is amazing. The kind of charts you put in was actually, you know, but I was glued to the screen. So, very very good UI and charts you put in. >> This all my made with Streamlit, sir. Streamlit UI. >> Very nice. Very nice, ma'am. So, we were discussing about 55% risk of income tax notice. How is that 55% achieved? >> The system is calculating from where the definition is. I have just made here the rules. >> No problem if you can show it. Anyway, wherever you are, I'm happy to >> Yes, sir. >> I think you you what but before putting these rules live, you should have actually checked the rules once because that gives you a lot of comfort, right? But a lot of rules have been placed and it is very good tool being built, and considering the limitation of time, I understand checking could not have been completed, but yes, this is a tool which could be deployed. So, please check the rules. Just I'll ask the one small question. I'll Let's leave that answer. So, you you while preparing CARO, you had downloaded a TXT file. Can you go to your download folder, please? >> Sure, sir. >> Yes, so I So, why why CARO report in a TXT file? No, why not in a Word file? >> Yes, sir. It can be generated, but I just take it as TXT file only. >> No problem. So, just for the So, these are all learnings, right? So, consider that this Word file can be easily documented at our office. Again, the TXT file has all the capabilities, but yes. So, thank you so much, and great presentation, and an amazing UI. So, with this, back to >> Thank you. Back to the juries. >> Uh Sumit, you have asked all the question almost, so I'll give it to Shashank Shashank bhai. >> Yeah, actually sir had asked asked the questions that I've written down also, but great one. Actually, the insights about the client was something which was interesting, because every CA actually wants to increase their revenue source. So, if if that can be actually that standalone feature could have been a game changer if thought about very well actually. That these are the work that we have already done, and these are the possibilities of the new kind of scope that can come based on the new changes and all. >> Yes, exactly. >> take as an improvement, sir, and I will make it. >> Okay. And can you just tell me, ma'am, what is the source? Like, you told me about the trial balance. Like, you had a source as a trial balance, but then the trial balance will not have so much of information, but with the kind of reports that you have generated. So, if you could just show me if it is a custom trial balance, or if it is like a trial balance which >> It is a custom trial balance only, sir. >> Which is detailed and all. We can show >> I >> actually as I Sorry, sir. >> Can you just show me the trial balance one? >> Can I show in upload the trial balance in CSV file if you are comfortable with or you just want to show Just just just >> the CSV one, sir. Whether how how much difference is there. That's it. >> Yes yes, sir. Just Sir, are you able to see? >> Yes yes yes. Okay. Got it. Got it. Got it. Okay. >> Actually for taking all the functionalities, the customer It is customized as per that only. >> Okay. >> The trial balance. Yeah. >> Got it. Thank you. Thank you so much, Poonam ji. Great presentation. Very nicely done. And >> Thank you so much, sir. >> Thank you. Thank you so much again.