AICPA Releases Guidance on Using Artificial Intelligence in Financial Audits
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Updated oct 20
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How it started
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What happened
The American Institute of CPAs issued a practice aid detailing the use of artificial intelligence in financial auditing. The guidance covers how current audit standards apply to both companies using AI in financial reporting and auditors using AI tools during engagements. It provides a framework for assessing risks, controls, and audit responses related to AI use.
Why it matters
The practice aid addresses new risks introduced by AI tools, which, while increasing the efficiency of financial statement preparation and auditing, require auditors to mitigate these risks. It emphasizes the importance of data quality, accuracy, and completeness when auditors rely on AI systems.
How it developed
Newest first. Tap a step to see who reported it.- AICPA, led by Mark Koziel, is offering AI risk assurance and the AIUC-1 certification using SOC 2 rigor.Sub-event
AICPA provides specific guidance on AI use for auditors.1 source