Practical Uses of AI in Your Audit Practice
This article explores the evolving role of Artificial Intelligence (AI), particularly Generative AI (GenAI), in financial statement audits, highlighting its practical applications, adoption trends, and oversight considerations. It examines insights from the Public Company Accounting Oversight Board (PCAOB) regarding GenAI’s current uses in administrative audit functions and the associated governance challenges. The article details how auditors are leveraging AI for improved risk assessment, enhanced audit efficiency, broader data coverage, and real-time monitoring, while emphasizing the importance of human oversight.
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