FINANCE MINISTER SAYS GOVERNMENT TO LEVERAGE AI TO IMPROVE AUDITING PRACTICES

­­­­­­­­Kingston, Jamaica: Friday, November 8, 2024

Hon. Fayval Williams, MP, Minister of Finance and the Public Service says the government will be leveraging artificial intelligence (AI) to improve and enhance audit committees in Jamaica. She was delivering remarks during the Government of Jamaica’s 2024 Audit Committees’ Conference at the Summit Kingston on Thursday, November 7, 2024.

According to Minister Williams, to further elevate the impact of audit committee members, the government will accelerate its deployment of technology in auditing by leveraging AI to improve efficiency, accuracy and insights into the financial and operational landscape.

“AI can be used to be predictive; it can identify trends and patterns in financial data that will signal potential risks or fraud. It can also be used to identify unusual transactions or deviations from established financial patterns and flagging them for review before they lead to significant issues,” said Minister Williams.

She further explained that “AI tools can help to model various financial scenarios based on historical data and market trends allowing audit committees to better understand potential risks and impact on future financial health.”

In her remarks, Minister Williams also commended the work of auditors and underscored the important role they play in identifying potential risks associated with their organisations and their link to the medium-term socio-economic policy framework.

Keynote speaker at the event, Richard Chambers, CIA, CRMA, CFE, the founder and Chief Practice Leader of Richard F. Chambers and Associates addressed regulatory and emerging risks that may not be familiar to audit committees.

He said, “The kind of risks that audit committees are expected to have is a greater sense of things like risk management itself, cybersecurity and new areas like technical and technology risks that a lot of audit committees are not equipped to understand.”

“A lot of audit committee members came from an era where technology risks were not so critical so they have to force their way of thinking to recognise what these technology risks can do like cybersecurity and more recently AI,” he added.

In the meantime, Wayne Robertson, Permanent Secretary in the Ministry of Legal and Constitutional Affairs, who offered remarks on behalf of Audrey Sewell, OJ, CD, JP, Cabinet Secretary, outlined the government’s role in improving the operations of auditors.

“The role and efforts of the government in continuing to bolster the foundation upon which audit committees operate should be commended. Evidence of this is by increasing the regulatory framework and providing policies and procedures.”

He further noted, “The government has demonstrated its commitment to transparency and accountability, and we note the various changes to the legislative and policy framework”.

The conference, which was held under the theme, ‘Navigating the Future: Audit Committees as Guardians of Trust in Tomorrow’s World’ comes on the heels of the 2023 amendment to Section 33 of the Financial Administration and Audit Act.

The amendment officially grants the Cabinet Secretary the authority to appoint audit committee members.

Present at the event was Darlene Morrison, CD, Financial Secretary in the Ministry of Finance and the Public Service who offered remarks. Other presenters included Stuart Hylton, Director, Assurance and Compliance Services, Symptai Consulting Limited Services, Rory Ebanks, Director, Information Security Advisor, Symptai Consulting Limited Services, David Hall, Managing Director, DC Consultants and Associates and David Mullings, Chairman and Chief Executive Officer, Blue Mahoe Holdings.

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For further information contact: 

Corporate Communication & Public Relations Branch

Ministry of Finance and the Public Service

30 National Heroes Circle

Kingston 4

Tel: (876) 932-4656/4660/4655

Email:  Shakiel.Rochester-Shorter@mof.gov.jm; Suzell.Wray@mof.gov.jm

Contact: Shakiel Rochester Shorter/Suzell Wray