In your experience, how can AI make the roles of professionals in auditing and accounting more meaningful and impactful?
We’re currently grappling with a significant backlog of work and increasing pressure to do more with less. Simultaneously, we’re facing a pipeline problem – retirements are outpacing the influx of new professionals.
AI is proving to be a vital tool in bridging this gap. It’s allowing firms to train new audit and accounting professionals faster and more effectively, enabling them to acquire a broader knowledge base in a shorter time frame. This is crucial because there’s a wealth of institutional and professional knowledge held by retiring professionals that has traditionally been difficult to impart to first and second-year staff due to its sheer volume and complexity.
This shift is crucial for the future of the profession. It’s making accounting and auditing more attractive to new talent. As we face the challenges of losing staff and increasing workloads, embracing AI isn’t just an option – it’s becoming a necessity for the future of accounting and auditing.
As AI continues to evolve, what steps should professionals in audit and accounting take to prepare for the integration of AI into their workflows?
I think it’s essential that firms conduct a comprehensive AI inventory within their organizations. This isn’t just about knowing what AI tools we’re using; it’s about understanding where AI fits into our risk profile, particularly in light of upcoming regulations like the EU AI Act.
Transparency is key in this process. I’ve noticed that many vendors are incorporating AI into their products, but not all of them are accustomed to the level of rigor and transparency that professional accountants are expected to maintain. I strongly recommend that firms centralize the approval and management of AI technologies. This aligns with quality management standards and ensures that AI tools are being deployed and used in a safe, controlled, and consistent manner.
Given your involvement with various AI task forces, what ethical considerations should be top of mind when implementing AI in auditing and accounting?
It’s crucial to remember that using AI doesn’t absolve you of your ethical responsibilities. You must never subordinate your judgment to others, including AI. This is a fundamental ethical expectation of any auditor or accounting professional, and it applies even when using advanced technologies. You can rely on AI for assistance, but you must always understand what you’re doing and take responsibility for the results. The involvement of AI doesn’t change that.
In fact, ethical standards have doubled down on this responsibility. The International Ethics Standards Board for Accountants (IESBA) clearly states that professionals must take accountability and responsibility for the output generated by AI, and there are specific ways to ensure this happens. Whether through rigorous testing, validation, or oversight, you are still the one ultimately responsible. The key ethical point here is that you don’t blindly trust anyone—or any machine—today, and that remains true with AI. It’s essential to ensure that, even with AI, you maintain professional judgment and oversight.
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