Artificial Intelligence (AI) has brought about radical change in various industries, and the field of audit is no exception. As businesses grapple with large volumes of complex data, auditors face the challenge of delivering accurate and insightful assurance services efficiently. In this digital era, AI presents a transformative solution, enabling auditors to harness the potential of technology to enhance their capabilities and elevate the value they bring to clients. This article explores the impact of AI in the audit profession and highlights its potential to reshape the future of assurance. In each section, references to popular AI audit tools are given. Readers can go through them and make appropriate uses to enhance the quality of audit assurance.
UNDERSTANDING AI IN AUDIT
At its core, AI refers to the simulation of human intelligence in machines, enabling them to learn from experience, interpret data and make informed decisions. AI in audit encompasses various technologies, such as machine learning, natural language processing, robotic process automation and data analytics. These components work together to augment the auditing process, driving greater efficiency and accuracy.
Traditionally, audits have relied on sampling techniques to assess financial data and detect errors or irregularities. AI complements these methods by analysing entire data sets rapidly and comprehensively. Moreover, AI
