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 changing that —helping businesses create smarter and more joined-up information flows with better identification and response to risk and a much greater ability to detect anomalies and outliers. Hand in hand, it is also bringing new capabilities to auditors.
But how far will this go? Our research conducted amongst 1,800 financial reporting executives across major economies around the world shines a new light on 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.
