NAA2604. Practical Application: Leveraging AI and Data Analytics to Enhance Audit Quality and Efficiency

AI has many use cases in audit but also brings up valid concerns - data privacy and fidelity, accuracy, hallucinations - we'll discuss the latest advances, how to leverage them, and what to watch out for.

Note: Due to the nature of the evolving nature of AI, this session description will be updated to reflect the topical nature most relevant to firms based on AI use cases. This session will include practical application of AI, using use cases, suggested resources for practitioners and will be an application-based session, based on real use in firms.

Learning Objectives:

• Identify use cases of AI and data analytics in audit practices and how AI tools are currently being used to improve audit quality, efficiency, and risk detection.
• Analyze the benefits and limitations for AI to streamline workflows and enhance insights, while recognizing issues like bias, hallucinations, and overreliance on automation.
• Explore best practices and governance models to ensure AI tools are implemented in a way that maintains audit standards, transparency, and professional skepticism.