From the course: The Future of AI for Finance and Accounting
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Audit
From the course: The Future of AI for Finance and Accounting
Audit
- AI can bring a ton of value to audit. Independent audits are all about checking big data sets from public companies to see if their financial statements fairly present the health of a company. This includes the balance sheet, income statement, cash flow statement, and the statement of shareholders equity. A core part of the independent audit process involves testing and sampling in a search for irregularities. AI can be trained to do this really well because it can search through large data sets and look for patterns that could be a sign of errors, fraud, or even just inefficiency. AI can be used in every part of an audit, from document reviews to transaction sampling and data reconciliation. In fact, AI could even lead to an effective testing rate of 100%. AI can also support improved audit efficiency, reducing the amount of time it takes and the required billable hours to conduct an independent audit. Audits are often conducted regularly by audit professionals who work under the…
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