What's next in audit: AI automation to watch
1. Onboarding clients and engagement set-up
Traditional client onboarding meant mountains of paperwork, endless data entry, and constant worry about missed details. AI transforms this into a streamlined, intelligent process that sets every engagement up for success.
Key AI possibilities include:
- Automated client data standardization and ingestion
- AI-initiated and AI-monitored workflows tailored to engagement type
- Real-time conflict checking across workpapers
- Automated compliance verification for different client requirements
- Intelligent staff assignments and scheduling
Learn more about advanced workflows for onboarding client and engagement set-up.
2. Assessing risk and planning the audit
Gone are the days of planning based on gut feelings and prior-year assumptions. Data-driven planning uses real information from clients and historical performance to create audit plans that match reality.
Key AI possibilities include:
- Risk-based audit plans using historical data and third-party information
- Resource capacity mapping to prevent overcommitment
- Template libraries that learn from past engagements
- Automated document request generation
- Real-time risk monitoring throughout the engagement
Learn more about advanced workflows for assessing risk and planning audits.
3. Collecting and ingesting data
The nightmare of USB drives with mismatched Excel files and unreadable PDFs is over. AI-powered data collection handles any format clients throw at you, automatically standardizing everything into workable formats.
Key AI possibilities include:
- Automated account grouping and classification
- Multi-format data ingestion (ERP systems, PDFs, various file types)
- Real-time data validation and quality checking
- Smart client reminders and guided upload workflows
- Direct API integration with client financial systems
Learn more about advanced workflows for collecting and ingesting data.
4. Executing audits and performing fieldwork
Fieldwork becomes faster and more thorough when AI handles document review, sample selection, and evidence linking automatically. Instead of drowning in paperwork, auditors can focus on analysis and professional judgment.
Key AI possibilities include:
- Intelligent extraction of key data from client documents
- Real-time exception identification and flagging
- Automated sample selection with optimal coverage
- Automatic evidence linking to workpapers
- Continuous validation against benchmarks and expectations
Learn more about advanced workflows for executing audits and fieldwork.
5. Financial statements review and sign-off
The review process becomes more thorough and efficient with AI generating disclosure text, completing checklists, and flagging potential issues before they become problems. Reviews are faster, more accurate, and better documented.
Key AI possibilities include:
- Automated disclosure text generation
- Comprehensive disclosure checklist completion
- Proactive issue identification and flagging
- Consistency review across financial statements and narrative disclosures
- Automated client report generation
Learn more about advanced workflows for financial statement review and sign-off.
6. Finalize and roll forward
Year-end wrap-up is so much easier, turning tedious administrative work into automated, strategic preparation for future engagements. AI captures institutional knowledge, automates file management, and creates intelligent roll forward templates.
Key AI possibilities include:
- Intelligent binder assembly, including auto-tagging and organization
- Automated finalization, including binder clean-up and sign-off review
- Comprehensive engagement insight capture to pre-populate next year’s binder
- Customized roll forward template creation
- Performance metrics analysis for continuous improvement
Learn more about advanced workflows for finalizing and rolling forward.
