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

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.

I. Utilizing AI and technology in financial statement audits: introduction

II. How AI is currently being used in financial statement examinations

III. Caveats of using current technology and AI

IV. Implementing AI

V. Best practices

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

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: Accounting
• 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.

  
  

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