Artificial intelligence is transforming the world of financial reporting and auditing. It is no longer seen as hype, but is a priority today for auditors and organizations.
Just as with other business processes, artificial intelligence is transforming financial reporting and auditing. In the past, these financial activities have stereotypically been seen as time-consuming and monotonous exercises, requiring statistical sampling methods and manual checking of financial data. But AI is dramatically changing that.
How far will this transformation go? What does this transformation mean for the role of the auditor? And what steps should you take as an organization to be ready for this transformation?
Our research conducted amongst 1800 financial reporting executives across major economies around the world shines a new light on these key questions — and finds that we are standing on the cusp of a genuine financial reporting revolution: moving from the ‘digital age’ to the ‘AI age’ in which nothing will ever be quite the same again.
AI is priority for businesses
The study confirms the importance of AI in financial reporting & auditing. Almost three-quarters of businesses are already using AI in financial reporting, and that is set to rise to 99% in three years.
Skills and role auditor are changing
64% of companies expect auditors to have a role in evaluating their use of AI in financial reporting, providing assurance and attestation over their AI controls.
GenAI priority in financial reporting
GenAI is a priority over traditional AI techniques. 57% of companies will be implementing gen AI for financial reporting over the next three years.
