In a previous article, we discussed how artificial intelligence is being utilized in finance and accounting tasks. Now. let us shift our focus to the audit industry and see how artificial intelligence in auditing is transforming the roles of an auditor.
1. Audit and Big Data
The rise of accessible technology has enabled the rise of data production. Today, companies from small businesses to industry leaders maximize the potential of big data. In a nutshell, big data enable businesses to improve their processes, create personalized customer experiences, and understand their market better.
With businesses taking advantage of the availability of big data, auditors must ensure that the collection, handling, and processing of data is done efficiently, and with minimal risks. However, auditing every nook of the data management process without artificial intelligence will take up enormous resources and talents, and may seem even impossible given the limited time in conducting an audit.
Through the right parameters and the proper AI applications, auditors can detect inefficient AI applications, non-compliance with data and privacy regulations, and opportunities for AI-process integrations.
READ MORE: Big Data For Small Businesses and How To Make Use of It
2. Artificial Intelligence as an Audit Too
While AI can simplify and improve the audit process, it heavily relies on the application and the design by which it will be utilized. Remember that AI, by nature, is a tool and will be limited based on the skill of its developer and implementation.
Due to the many possibilities in AI, the Big 4 audit firms (Ernst & Young, PriceWaterhouseCoopers, Deloitte, and KPMG) along with IT companies and other top audit firms are developing new ways to integrate AI in the audit process and help us create more meaningful results.
3. Faster and better audit results
In every artificial intelligence
4. New opportunities in audit and accounting
Aside from faster and better results, artificial intelligence is transforming the way we do
With more time in their hands, auditors are now able to produce work that provides more insights and makes more impact on their clients. Much like in other industries, artificial intelligence is taking the audit process to new possibilities.
Artificial intelligence is creating waves of technological revolutions in the business industry. This has reached and has been implemented in the audit industry. To date, IT experts and audit professionals are seeking new ways to further integrate artificial intelligence in the audit process. As new forms of artificial intelligence become available, we can expect new leaps in audit technology in the coming years.
This article was first posted 21 December 2018 and edited 21 October 2020.