We often associate AI with complex algorithms and futuristic technologies, but sometimes, the most impactful solutions are the ones that are quietly embedded in our everyday tools.

Yes, I'm talking about Power Query, a feature nestled within Microsoft Excel that might seem dull at first glance, but its capabilities are far-reaching and transformative.

Imagine you're an auditor tasked with verifying multiple PDFs like PF or ESIC challans for a company. Each month, you may have multiple challans for different locations or states, with each PDF representing a challan date, amount, and period. Manually verifying them together can be a tedious and time-consuming task. Additionally, preparing an annexure of Details of contributions received from employees for various funds, as required under Clause 20(b) of 3CD in the Tax Audit Report, can be equally challenging. The potential for human error increases exponentially with the sheer volume of documents.

But fear not, Power Query is here to save the day. With its remarkable ability to combine and consolidate data from multiple sources, including PDF files, into a single Excel sheet, the task of verifying TDS challans becomes a breeze.

Tools used in Presentation

In this presentation, we utilized several tools to demonstrate how AI can revolutionize the auditing process:

1. Power Query: An Excel feature used to connect, combine, and refine data across a wide variety of sources.
2. Python: For scripting and automation purposes, enhancing the data processing capabilities of Power Query.
3. Adobe Acrobat: To extract data from PDF files and make them accessible for Power Query.
4. Excel Macros: For automating repetitive tasks within Excel.

Importance of the Topic

The topic of this presentation is crucial because it addresses a significant pain point in the auditing process: the manual verification and consolidation of large volumes of data from multiple sources. By leveraging AI-powered tools like Power Query, auditors can:

1. Increase Efficiency: Automating data extraction and consolidation significantly reduces the time required for these tasks.
2. Improve Accuracy: Reducing the reliance on manual data entry minimizes the risk of human error.
3. Enhance Productivity: Automating repetitive tasks allows auditors to focus on more value-added activities, such as data analysis and interpretation.

Impact of AI in the Use Case

The impact of AI in this use case is substantial:

1. Time Savings: Automation can cut down the time required for data consolidation from hours to minutes.
2. Error Reduction: AI-powered tools ensure a higher level of accuracy in data processing, reducing the likelihood of errors.
3. Scalability: The solution can handle large volumes of data, making it scalable for organizations of all sizes.
4. Cost Efficiency: Reducing the time and effort required for auditing tasks translates into cost savings for the organization.

Power Query Manual: Fetching Monthly ESIC Challans Paid

Introduction

This guide will walk you through the process of using Power Query in Microsoft Excel to fetch all the monthly ESIC Challans paid for a particular year. The challans are stored in a folder, and Power Query's "Get Data from Folder" feature will help you import them all at once.

Step-by-Step Guide

Step 1: Open Excel and Access Power Query

1. Open Microsoft Excel.
2. Navigate to the "Data" tab.
3. Click on "Get Data".
4. Select "From File" > "From Folder".

Step 2: Select the Folder Containing ESIC Challans

1. In the "Folder" dialog box, click "Browse".
2. Navigate to the folder containing the ESIC Challans for the year.
3. Select the folder and click "OK".

Step 3: Confirm Folder Contents

1. Excel will display the contents of the folder.
2. Click "Combine & Load".

Step 4: Combine Files

1. In the "Combine Files" dialog box, select the “Table” to fetch.
2. Click "OK".

Step 5: Transform Data in Power Query Editor

1. The Power Query Editor will open, showing the combined data.

2. Make any necessary transformations to the data –

1. Filter Column for only “Amount Paid, Challan Period and Challan Submission Date”

1. Now go to “Transform” tab and click on “Pivot Column” having selected the 2nd Column.

1. Select the Values Column as “Column 2” where the data is available and click on “Advance options” and on drop down list select "Don’t Aggregate”

3. Now go to “Home” tab and Click "Close & Load" to load the data into Excel.

Step 6: Review Loaded Data

1. The data will be loaded into an Excel worksheet.
2. Review the data to ensure it includes all the monthly ESIC Challans.

Alternate AI Tools for the Use Case

While Power Query is a powerful tool for this use case, there are several alternative AI tools that can also be considered:

1. Alteryx: A data analytics platform that offers powerful data preparation, blending, and analytics capabilities.
2. Tableau Prep: A data preparation tool that allows users to clean, combine, and transform data for analysis.
3. KNIME: An open-source data analytics, reporting, and integration platform.
4. UiPath: A robotic process automation (RPA) tool that can automate repetitive tasks, including data extraction and processing.

Conclusion

AI has the potential to revolutionize the auditing process, making it more efficient, accurate, and scalable. By leveraging tools like Power Query and exploring alternative AI solutions, auditors can significantly enhance their productivity and deliver more value to their organizations. The impact of AI in this use case is profound, and its adoption is a testament to the transformative power of technology in the field of auditing.