AICPA Publishes Artificial Intelligence Guide for Financial Statement Audits
A new practice guide addressing the impacts of artificial intelligence on audit processes provides guidance to CPAs regarding risks and control mechanisms.
The American Institute of Certified Public Accountants has published a new practice guide to help understand the effects of artificial intelligence on financial statement audits.
Impacts of Artificial Intelligence on Auditing
The published guide comprehensively addresses the impacts of organizations using artificial intelligence in financial reporting and audit firms utilizing artificial intelligence in their audit processes.
Risks and Appropriate Responses
This guide assists CPAs in evaluating risks related to artificial intelligence, understanding how controls may be affected by this technology, and determining appropriate responses and tools during the audit.
Expert Views and Future Plans
Amy Pawlicki, AICPA vice president of Assurance and Advisory Innovation, stated that artificial intelligence tools bring new risks while providing efficiency. Jennifer Burns, the Institute's chief auditor, emphasized that the second part of the guide offers practical guidance on quality management, auditing, and professional skepticism, and noted that additional guidance will be added in the future.