Utilizing AI in Financial Statement Audits: Analyzing Data, Minimizing Risks, Implementation Strategies

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Accounting
- event Date
Monday, July 22, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
110 minutes
-
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
This webinar will take a look at how artificial intelligence (AI) is changing the audit process. Our panel of financial reporting veterans will address how accounting and auditing professionals can use current technology to increase the accuracy of financial statement examinations and expedite the process.
Faculty

Dr. Akpan, DBA, CGMA, is an Assistant Professor of Accounting at Methodist University. His primary teaching responsibilities include Financial Accounting, Auditing, and Fund Accounting. Dr. Akpan is dedicated to enhancing the field of education, with a particular emphasis on Accounting, by integrating technology into his teaching and research endeavors. His recent publications, “The Elon Musk Effect: How community initiative spending impacts earned social media valuation” and “Cluster Analysis of share price: How firm characteristics relate to accounting metrics,” reflect his profound interest in the evolving dynamics of the financial world and their implications on accounting practices.

Dr. Dell, CPA, DBA joined the faculty of Francis Marion University in Florence, SC in 2019 as an Assistant Professor. Serving his previous institution in the Midwest for thirteen years as Accounting Program Director, he has been able to contribute to his student’s development by integrating a variety of tools into his classroom. Not only have these resources enhanced his student’s hard skills and technical knowledge, but they have also improved their soft skills and ability to succeed in academia and the work place. Dr. Dell recently received the Accounting Educator Award for 2018 from the Wisconsin Institute of CPAs. He is certified as a CPA and holds an MBA from the Wharton School, an MAE from Marian University, and a DBA from the University of Wisconsin – Whitewater. Dr. Dell brings real-world experiences, based on previous entrepreneurial, Big 4 and military service, to the classroom.
Description
AI and the latest technology can increase efficiency and reduce costs. AI can assist auditors in analyzing and evaluating mass quantities of data quickly and in real time. It can help document review processes, generate planning documents, and even predict future audit risks and trends.
The benefits are remarkable, but accountants, auditors, and businesses need to thoroughly evaluate and manage the relative risks associated with the latest technology. AI is subject to hallucinations. Its parameters must be appropriately defined and monitored. Ensuring the data used is secured properly is a paramount concern. Implementing and modifying current accounting and auditing processes is a significant undertaking. However, the explosive growth of these technologies has made it a necessity. Financial professionals must thoroughly grasp best practices for utilizing AI and current technology when preparing and examining financial statements.
Listen as our panel of accounting and auditing technology experts reviews the pros and cons of using AI in preparing and assessing the validity of financial statements.
Outline
- Utilizing AI and technology in financial statement audits: introduction
- How AI is currently being used in financial statement examinations
- Caveats of using current technology and AI
- Implementing AI
- Best practices
Benefits
The panel will review these and other critical issues:
- Strategies for incorporating current technology in financial statement audits
- Ensuring the security of data used for analytical review
- Steps to minimize AI hallucinations and invalid results
- How AI can be used to expedite financial statement examinations and preparation
NASBA Details
Learning Objectives
After completing this course you will be able to:
- Determine how current technology can be used to analyze financial data
- Decide how to minimize AI hallucinations and invalid results
- Ascertain best steps for incorporating AI in financial statement audits
- Identify how AI is changing the financial statement audit process
- Field of Study: Auditing
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
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