Audit and AI – tentative first steps to improve audit quality and efficiency

The audit profession is still at the very early stages of introducing artificial intelligence, but should guard against full implementation, reveals ACCA and CA ANZ’s Audit and Technology report.

A survey of ACCA members and affiliates about their understanding of terms such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), data analytics and robotic process automation (RPA), revealed technology’s ability to renew processes that improve audit quality and increase efficiency.

The report reveals how technology is also a catalyst that will help shift the focus of the audit process from a retrospective view to one which is prospective. It also assesses the technologies having most impact on the audit profession as we know it today.

Drawing on existing research and exploring the views of leading practitioners, it provides an understanding of how the changing business environment is shaping technological change in auditing – summarising how different technologies could be expected to impact its future and what this means for auditors as people.

Key findings in the report also revealed:

•      Among the available technologies, data analytics is currently the most mature and is currently used by most firms

•      The audit profession is still at a very early stage with AI and has not embedded it as deeply as it could

•      The human relationship between client and auditor remains important: not everything can be replaced by technology

•      Auditors will need to be more adaptable to change in future

ACCA’s report Closing the Expectation Gap in Audit found that 55% of the general public across 11 countries believe that, if auditors followed the requirements of existing auditing standards, they could prevent corporate failure.

Furthermore, 70% believe that audit should evolve to prevent corporate failure. Although some may reasonably argue that such demands are unrealistic, technology may help to satisfy the public demand, at least partly, in future.

Maggie McGhee, executive director – governance at ACCA, said: ‘Technology offers the ability both to improve the quality of audit and to add value to it: audit is moving from being a reactive, backward-looking exercise to a proactive, predictive, forward-looking one, working in real time.

‘As such, it provides an opportunity to help clients by providing timely insights. Even in its traditional context, technology now offers an opportunity to produce higher-quality audits that better serve for their existing purpose.

‘Nonetheless, if AI and related technologies are fully implemented, it could raise questions about the auditor’s independence.

‘We hope Audit and Technology provides insights for both businesses and auditors themselves on how they may adapt most effectively in the face of significant change.’

Simon Grant, Group Executive International Development and Advocacy & Professional Standing at CA ANZ, said: ‘If we can anticipate the possible impacts of technology and harness it so we understand the benefits to the accounting profession, technological change could then be such an empowering opportunity rather than a challenge for our profession.’

Haleeb Foods supports Free-Education, donating Rs.3 from every liter pack

Haleeb Foods one of the leading food and beverages company of Pakistan has now launched another social-development initiative, titled: “Donate to Educate - Agay Barhay Ga Pakistan”. In order to support Free of cost education for the underprivileged children, Haleeb has partnered with Master Ayub – a firefighter during the day, who has taken the noble responsibility of being a voluntary teacher in the evening. For the past 30 years, Master Ayub has been educating street kids, Free of Cost, by conducting a Park-School, in Islamabad.

With a pledge to provide financial assistance to Master Ayub, for supporting his selfless cause, Haleeb will donate 3 Rupees, from every liter pack purchased by the consumers. This donation from Haleeb is helping Master Ayub accomplish his dream of making schooling and associated expenses absolutely free for his pupil.

Sami Qahar - Commercial Director at Haleeb Foods lauded Master Muhammad Ayub for such a selfless initiative. He further added, “Being a socially responsible organization, we provide healthy dairy products to the people. We are pleased to partner with Master Ayub’s cause and his school, which has taught thousands of children, voluntarily, over three decades. His exemplary efforts are an inspiration for all. Every resourceful individual and enterprise must identify such ‘Heroes of Pakistan’ and extend maximum support to them. Education is transformation for students, as well as their family, community, and country.”

Belonging to a poor family, Master Ayub lost his parents at a young age. However, he worked very hard, day & night, to study along with the responsibility of rearing his 5 brothers and 3 sisters who are all well-educated now. With his limited resources he has created a free-school for poor children, where he also gives them free books and copies. Over the decades, thousands of children have already studied in this school to get into respectable employment or businesses, while others are getting higher education in colleges or universities.

The students and their parents express their gratitude and prayers for Master Ayub, who has transformed their lives. They believe that; Haleeb kay Saath – Agay Barhay Ga Pakistan. Many students are inspired to follow their great teacher’s foot-steps.  

Haleeb is adopting global best-practices and innovative technologies, to ensure consistent production and nation-wide availability of safe and healthy, packaged dairy products. It is creating public-awareness and educating the masses about the advantages of consuming hygienic and high-quality, nutritional dairy products to nurture a more vital and productive nation. Being the 5^th largest milk-producing nation in the world, Pakistan’s dairy industry is creating large-scale employment opportunities for the farmers in the rural regions, while ensuring the well-being of the urban areas, for a sustainable economy.

Other remarkable initiatives of Haleeb includes; the collection, reuse and recycling of old vinyl billboard skins from Advertising agencies and companies. Instead of dumping the old panaflex skins as garbage, Haleeb is up-cycling them to create sheds of upto 4,000 square feet for dairy ranchers. Such sheds, tents and overhead covers are already protecting the cattle and farmers from the scorching heat, in District Jhang of Punjab. 

realme Becomes The Fastest Growing Smartphone Brand Ranking No.7

realme Makes Top 7 Global Smartphone Shipments, an increase of 808% from last year

Smartphone brand realme announces that realme ranks the 7^th according to the statistics of global smartphone shipments of realme in Q3 of 2019 from Counterpoint. It is the first time that realme becomes top 7 mobile phone brands after being top 10 in Q2 of 2019. More importantly, the total shipments of Q3 are more than 10 million and the year over year growth of realme reaches to 808% which ranks 1^st among the world making it the fastest growing smartphone brand.

1. realme Becomes Top 7 Smartphone Brand

It is because of the “Dare to Leap” brand concept which realme has always insisted that realme accomplishes such a surprising results as a 18-month-established young brand when the global smartphone shipments are constantly decreasing, additionally, the “Dare to Leap” strength of realme products also plays an important role.

In October, 2019, realme announces that its global users has exceeded 17 million and officially becomes the mainstream global mobile phone brand. At present, the whole product portfolio of realme has entered European market as the flagship product is introduced in overseas high-end market which is the goal of realme’s globalization strategy. At this point, realme has entered over 20 markets including China, Southeast Asia, Russia, India, Europe and so on, meanwhile, it has made great results in many new large-scale markets.

Plan on The Complete Product Portfolio

The “Dare to Leap” brand concept and the whole outstanding products has played a significant part in realme doing such a brilliant job during short period of time. realme officially makes the whole product portfolio covering entry-level products to flagship in the whole global markets after launching realme X2 Pro and brings surprising “Dare to Leap” products to customers in every price.

2.The first flagship product of realme, realme X2 Pro

At the same time, as a new brand, the young realme invites the global industrial design giant Naoto Fukasawa to become the Invited Design Director of realme. realme and Naoto has corporate with each other to bring many realme Master Edition products to inspire smartphone industrial design and the Master Edition has made great reputation among customers who have more demands.

Fully Plan on leading 5G

Earlier in September this year, Qualcomm Corporation officially launched Snapdragon 7 Series 5G mobile platform, realme announced that it would become one of the terminal manufacturers which are going to be shipped with Qualcomm integrated 5G mobile platform firstly. The whole new Snapdragon 7 Series 5G mobile platform will make new realme products more powerful and bring better experiences to users. Besides, realme also makes great effort in IoT field, it tries to research on Wearable Device, AR/VR, Cloud Game, Internet of things and other aspects and explore new products from the IoT angle of the whole 5G Ecology to find more application scenarios.

realme devotes itself to enhancing the speed of 5G’s globalized dissemination and utilize the whole global markets to bring the improved 5G exploring experiences and terminal products to new markets and help with the local manufacturers 5G testing infrastructure to establish 5G internet and step into 5G age more quickly.

realme has landed a record of “The World’s Fastest Mobile Phone Brand Becoming Top 10”, now it becomes the world’s fastest growing smartphone brand ranking the 7^th which shows the magnificent strength of the brand. The “Dare to Leap” brand concept and products are the spirit of realme. Hopefully, realme will bring us more miracles in the future.

realme's upward trajectory in Pakistan has been phenomenal since the brand's entry last year, realme has been aggressive in its approach, launching successful budget to mid-range smartphones with an attractive spec sheet and affordable pricing. realme has made a name for itself by selling smartphones with powerful hardware at prices aggressive enough to go up against its competitors. Pakistani youth’s favored smartphone brand realme has quickly snatched market share from existing players and is fast becoming one of the most sought after brands. Since its entry into the Pakistani market less than 11 months ago, realme powered by Oppo, has already launched 8 products across different price segments from premium flagships to trendy mid-rangers, all designed particularly for the youth. They are also gearing up for the launch of their latest additions in the classic realme series in the coming months. realme is proving it has planned an even steeper growth trajectory than its parent company through a targeted focus on the youth.

CARFIRST EXPANDS ITS OPERATIONS TO FAISALABAD

BRINGS EASE OF BUYING AND SELLING USED CARS TO FAISALABAD  

CarFirst, Pakistan's most trusted used car trading platform commenced its operations in Faisalabad with the bid to rapidly expand its network in the major metro cities in Punjab. CarFirst will be opening purchase centres, sales centres and offering franchising services in Faisalabad within the next two months.

The expansion aims to provide potential car sellers with a safe and hassle-free car trading service in Faisalabad. Quick, transparent and seamless car trading, fuelled by innovation and implementation of international best practices, serve as primary drivers of the demand for CarFirst services in Faisalabad. CarFirst has catered to the rising demand trends of the used car market by rapidly expanding its services across Pakistan. Foree Payment recently launched by CarFirst marked it as the fastest way to sell a used car in Pakistan. CarFirst aims to always put their customer’s convenience first and to further simplify and expedite the car selling process in Pakistan.  

Present at the inauguration Mr Rana Muhammad Sikandar Azam President Faisalabad Chamber of Commerce and Industry (FCCI) said: ““The biggest challenge facing the industry was reliable sources and quick payment, CarFirst directly solves these problems eliminating any elements of fraud with their instant inspection and payment system. The contemporary world requires digitalization and innovate solutions to our problems, for all these reasons and more we welcome CarFirst to Faisalabad and pray for their prosperity”

Commenting at the inauguration Faisalabad operations, Raja Murad Khan, Co-Founder and CEO of CarFirst said, “Increasing demand of CarFirst’s services in central Punjab has brought us to Pakistan’s third-largest city - Faisalabad. We look forward to providing Faisalabad with a quick, convenient, innovative and secure way of selling and buying a used car. 

60% of SMEs globally not supported to tackle bribery and corruption

A new global survey by ACCA has revealed 60% believe there is insufficient guidance for SMEs to combat bribery and corruption.

The research, commissioned by the Association of Chartered Certified Accountants (ACCA), has highlighted that of 932 cross-sector accountants surveyed, fewer than one in three believe there is enough support for small businesses to tackle bribery and corruption.

In the professional accountancy body’s report Combating bribery in the SME sector, respondents outlined fears that procedures and policies and risk assessments are not always in place to help management and the employees.

The survey showed how SMEs value practising accountants for their all-round business support services, but that there is still a pressing need for collaborative work with governments around the world, inter-governmental departments and other stakeholders.

‘Bribery and corruption is not only a concern for SMEs. It is a concern for our society as a whole which continuously erodes ethical values and norms. The long-term harm done to the whole economy is recognised by many in the business world in Pakistan, and the official government messages that bribery and corruption must not be tolerated should be repeated loud and often. But practically supporting SMEs in Pakistan to tackle bribery and corruption should be the first step.’ – Sajjeed Aslam, head of ACCA Pakistan

Jason Piper, global policy lead for Business Law at ACCA, highlighted the challenges that SMEs face in understanding the legal requirements in connection with bribery and corruption.

Mr Piper pinpointed SMEs globally are overwhelmingly seeing bribery and corruption as having a negative impact on the business environment.

He said: ‘The findings from this survey are conclusive and show businesses are desperately searching for that much-needed support.

Globally, 62% of survey respondents believe SMEs that demonstrate strong anti-bribery credentials will be more likely to be able to trade with large businesses and public bodies. This reflects that fact that global enterprises are increasingly concerned about their supply chain exposure to a range of risks associated with CSR, including bribery and corruption issues.

‘Compared with our survey findings from six years ago, small businesses believe there is even less guidance on combating bribery and corruption. We found that employees negotiating on behalf of companies need awareness courses on what constitutes bribery - and more important how to deal with this.

‘Crucially, anti-bribery guidance for SMEs needs to be short and accessible. This is something most of our members questioned do not believe to be the case.’

Mr Piper concluded that whilst the accountancy profession has been working to support small businesses, collaborative work with governments around the world, inter-governmental departments and other stakeholders must continue to progress.

He said: ‘ACCA will continue to work with the stakeholders with the objective of more resources being made available. Governments need to ensure whistle-blowers remain protected - through developing additional guidance or improving awareness of what already exists in this area.’

realme announced an amazing price discount on realme C2 3GB/64GB variant

realme's upward trajectory in Pakistan has been phenomenal since the brand's entry last year, realme has been aggressive in its approach, launching successful budget to mid-range smartphones with an attractive spec sheet and affordable pricing. realme has made a name for itself by selling smartphones with powerful hardware at prices aggressive enough to go up against its competitors. Last month company brought an upgrade to the realme C2 with new 3GB RAM + 64GB ROM variant in three beautiful colours diamond black, blue & Sapphire at Rs. 21,999 which soon became “Pakistan ki real choice” the device is breaking the sales in entry level smartphone market with massive response to the new entrant this device will be now available at Rs. 19,999.

Taking a leap on entry level smartphone series Realme launched a new storage variant of the realme C2, which comes with 64GB of inbuilt storage paired with 3GB of RAM. The realme C2 is also available in two other memory configurations – 3GB+32GB, 2GB+32GB in diamond black and blue colours.

The realme C2 is well designed and has a diamond-cut pattern on the back that makes it look premium. The phone is compact and feels comfortable to hold in the hand. It has a dual camera setup at the back which consists of a 13-megapixel primary camera and a 2-megapixel depth sensor. Powering the smartphone is a MediaTek Helio P22 SoC. realme is packed in a 4000mAh battery which delivers very good battery life. The supplied 10W charger is also quick enough to top the battery up.

The company recently launched the Realme 5 series and the flagship realme XT and it did manage to shake the industry up. Owing enormous response to the Quad Camera best-selling Realme 5 realme Pakistan might launch its successor before the end of this year. The device was launched in a brand new color and an all new upgraded camera in the Indian market just last month.

Pakistani youth’s favored smartphone brand realme has quickly snatched market share from existing players and is fast becoming one of the most sought after brands. Since its entry into the Pakistani market less than 11 months ago, realme powered by Oppo, has already launched 8 products across different price segments from premium flagships to trendy mid-rangers, all designed particularly for the youth. They are also gearing up for the launch of their latest additions in the classic realme series in the coming months. realme is proving it has planned an even steeper growth trajectory than its parent company through a targeted focus on the youth.

HUAWEI Y9s Poised to Become another Y Series Bestseller in Pakistan

Building up on the success of HUAWEI Y9 Prime 2019, the HUAWEI Y9s offers a truly power packed experience and can be pre-ordered from Saturday, 30 November, 2019

The latest entrant of Huawei’s phenomenally successful Y Series, the HUAWEI Y9s was launched at a media gathering. Following the trend of delivering feature packed devices with stylish designs, the HUAWEI Y9s joins the series as yet another smartphone in the midrange segment that promises a breathtaking display and spectacular camera nestled in a powerful smartphone.

The HUAWEI Y9s delivers a truly immersive experience thanks to its power packed features like a 6.59-Inch FHD+ Ultra FullView Display, a true 48MP Triple AI Camera and 16MP pop-up AI front camera. The smartphone also comes with a 6GB RAM and 128GB storage (expandable to 512GB). This time around, Huawei has gone above and beyond to bring its flagship design and features to the HUAWEI Y9s such as a premium glass body in the Breathing Crystal variant. Pre-orders for the smartphone will begin from Saturday, 30 November and go till Friday, 06 December, 2019.

The celebrations kicked off early with an intimate lunch with product reviewers and Huawei Experience Ambassadors (HEA). After lunch, the guests were taken for a photo walk at Lahore Fort, Sheesh Mahal, Shah Burj Gate Picture Wall, Hazuri Baagh and Diwan-e-Aam. It was led by HEAs Amjad Nawaz, Areesh Zubair, Izzah Shaheen Malik, Mustafa Ali and Mavikh Azam where they put the 48MP Triple AI rear camera and 16MP Pop-up AI front camera to test. Various AI modes like Blue Sky, Ancient Building and Greenery were explored along with the 120^O Ultra Wide Angle & Macro modes. The location made for a perfect place to try different camera settings by the reviewers.

Back at the hotel, a live unboxing session for the HUAWEI Y9s was held with leading technology blogger Bilal Munir of VideoWaliSarkar and lifestyle influencer Amna Niazi of SiddySays. The main event began with a speech from Huawei’s Country Manager Mr. Scott Huang in which he shed light on the stellar performance of Huawei in Q3 2019. He said: “In Q3 2019, we clinched a market share of 18.6%, securing our position as the second biggest smartphone manufacturer in the world. Despite all the odds, our global smartphone shipments in 2019 have already crossed the 200 million mark by 22 October – a feat that we achieved 64 days earlier than in 2018.”

Speaking about the smartphone, he added: “The HUAWEI Y Series is a global consumer favourite – selling more than 200 million units globally over the last few years. Today, we are introducing a new member to the HUAWEI Y Series family, the HUAWEI Y9s. I am sure that upon the continuous love of our consumers for HUAWEI Y Series in Pakistan, it will be another top pick by them!”

The audience then witnessed a product presentation followed by an announcement by Mr. Faisal Malik, Director – Commercial at Daraz.pk who revealed the grand opening of Huawei’s Flagship Store on Daraz.pk on 30 November, 2019. People can also book their online pre-orders through Daraz.pk from 30 November to 06 December, 2019.

The launch event was a glitzy affair with many renowned media houses, influencers, technological bloggers, Huawei guests and Huawei Experience Ambassadors in attendance. The celebration concluded with dinner and an exclusive session with Mr. Scott where he addressed the media about Huawei’s future projects, its vision and current plans for the Pakistani market.