Large accounting firms cannot track AIs impact on audit . . . Let us know about free updates The six largest UK accounting companies have not formally monitored how automated tools and artificial intelligence affect audit quality The Financial Reporting Council on Thursday published its first AI guide along with a review of how businesses use automated tools and technologies This is “doesn’t quantify the impact on […]
Friday Footnotes: OMB Says Audits Arent Working As Intended . . . Big accounting firms fail to track AI impact on audit quality, says regulator [Financial Times] The Financial Reporting Council on Thursday published its first AI guide alongside a review of the way firms were using automated tools and technology, which found “no formal monitoring performed by the firms to quantify the audit quality impact of
FRC publishes landmark guidance providing clarity to audit . . . The Financial Reporting Council (FRC) has published its first guidance on the use of artificial intelligence (AI) in audit, alongside a thematic review of the six largest firms’ processes to certify new technology used in audits
Audit Crisis: How Flawed Incentives and AI Are Reshaping the . . . The emergence of AI as a potentially more effective tool for detecting accounting irregularities further challenges the traditional audit model Significant changes are needed—from realigning incentives to embracing new technologies—to restore trust in the audit process and secure the future relevance of the profession