When trust and insight converge
“The AI-driven audit should improve audit efficiency and improve the quality and the value we bring back to the client.” - Karen deSouza
Last week, CPA.com President and CEO, Erik Asgeirsson, spoke in a keynote session at the Digital CPA Conference in Washington, D.C.. During his keynote, Asgeirsson noted that “it’s about delivering trust plus insights” and the future of audit lies at a point where assurance and advisory services converge -- with technology driving the two together.
Asgeirsson also mentioned a new dynamic audit solution (DAS) where data flows automatically through the cloud into an advanced platform for an AI- and data-driven audit.
To build the DAS, the American Institute of CPAs raised money from the top tier of accounting firms and partnered with us as an audit software developer.
Our Head of Product, Karen deSouza, joined Asgeirsson during his keynote. Here, deSouza mentioned, “we’re looking at using AI to tag client information as it flows into the audit system – that will save a lot of time and improve quality.” Soon after, deSouza added, “but risk is where AI can really deliver value – learning from all transactions where the risk lies.”
By tagging data appropriately, recognizing patterns in data and comparing them to millions of previous situations, smart audit systems should be able automatically populate engagement documentation and identify areas of risk for human auditors to concentrate on.
Interested in learning more about the AI-driven audit and the power of technology for accountants?