AI is rapidly reshaping business processes, financial reporting and the audit. As AI capabilities continue to evolve, financial statement auditors may find it challenging to understand how an entity’s use of AI affects financial reporting, risk assessment and appropriate audit response. Auditors are also exploring how to incorporate AI tools into audit procedures while complying with professional standards.
The Artificial Intelligence (AI) Considerations for Financial Statement Auditors practice aid offers timely, nonauthoritative guidance on considering AI in a financial statement