Newly minted Finance Minister Fayval Williams, MP, says the government will be leveraging artificial intelligence (AI) to improve and enhance audit committees in Jamaica.

According to 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, flagging them for review before they lead to significant issues,” said Williams.

She was delivering remarks during the Government of Jamaica’s 2024 Audit Committees’ Conference at the Summit Kingston on Thursday, November 7.

“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 the impact on future financial health,” Williams explained.

She 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 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.

“The kinds of risks that audit committees are expected to address include a greater awareness of things like risk management itself, cybersecurity, and new areas such as technical and technology risks that many audit committees are not equipped to understand,” he said. “A lot of audit committee members came from an era where technology risks were not so critical, so they have to adjust their way of thinking to recognise what these technology risks can do, like cybersecurity and, more recently, AI.”

Wayne Robertson, Permanent Secretary in the Ministry of Legal and Constitutional Affairs, who offered remarks on behalf of Audrey Sewell 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 in the increasing regulatory framework and the provision of policies and procedures. 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.