AI can help increase efficiency in audits
Tax & AccountingFebruary 08, 2021

Data-Driven Audits – 7 Ways to Use AI

To be sure, accounting and audit technology has started to include more artificial intelligence capabilities over the past several years. Many firms already use AI and benefit from it in ways important to realize. In fact, AI can help increase efficiency by driving automation and increase audit quality by making them more data-driven.

In light of the intense interest in AI technology, Wolters Kluwer recently published a white paper. Written by Cathy Rowe, VP of Product Management for Tax and Accounting at Wolters Kluwer, this paper is specifically for the accounting profession. Titled Data-Driven Audits: 7 Ways to Use AI Today, it will reveal:

  • Firstly, what is the history of artificial intelligence and its basic definitions?
  • Secondly, what types of AI are most applicable to the accounting profession?
  • Thirdly, in what ways can firms incorporate AI today to improve audit quality?
  • Fourthly, read the most common questions about AI in accounting, asked and answered.

Get your copy of this complimentary white paper for a clear-eyed overview of AI in accounting.

How is Artificial Intelligence defined?

The goal of AI is to create machines that are intelligent. Further, AI will learn, adapt, and perform tasks like a human. Oftentimes, it will have capabilities beyond a human because AI can perform tasks and analytical tests on extremely large sets of data. Moreover, it will be able to complete many tasks much more quickly than people.

Many professionals think of AI as a recent innovation, but it has actually been around in limited forms since the 1950s. However, AI is no longer the stuff of science fiction writers. Today, technology incorporating AI serves nearly every professional industry.

From computers that write like journalists to trucks that drive themselves, the applications for deep learning AI and neural networks will continue to amaze us for generations to come. So, it’s easy to imagine that AI will change auditing in powerful ways. In the AI white paper, we cover seven applications for AI within the audit, including examples of how Wolters Kluwer incorporates AI already today.

What will AI mean for accounting firms?

In order to leverage AI successfully, accountants need to shift their mindset and create their plan for the future. Firms can incorporate AI into their audit processes using technology available today. Moreover, you don’t have to dive in head first. Start small with AI technology, and each phase of the plan should focus on driving efficiencies enabling your firm to perform higher quality, data-driven audits.

When professionals think about AI during audit technology planning, they often wonder how AI will work with current standards. Additionally, they question the limitations of AI and the challenges in standardizing client data. Finally, most professionals wonder if AI will replace the need for auditors, potentially eliminating jobs.

If trends persist, data-driven audits, powered by AI-enabled audit solutions will become commonplace over the next few years. This AI white paper addresses common questions and concerns and helps professionals start to formulate their technology plan. Get your copy today.

Get your white paper here. 
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