Audits have traditionally meant auditors spending hours sifting through ledgers, invoices, contracts and financial records. Artificial intelligence (AI) is changing that equation, helping auditors analyse large volumes of data, flag unusual transactions and identify potential compliance and fraud risks.
This is especially important in India, where the regulatory landscape is vast. Businesses today have to navigate more than 1,530 Acts and Rules and comply with over 69,000 statutory obligations, covering everything from licences and filings to inspections, disclosures and operational requirements, according to a TeamLease RegTech report.
