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

Artificial intelligence (AI) has many use cases in audit, but AI use also brings up valid concerns about data privacy and fidelity, accuracy, and hallucinations. In this session, presenters will discuss the latest AI advances, how to leverage them, and what to watch.

Note: Due to 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, and suggested resources for practitioners. This will be an application-based session based on real use in firms.

Learning Objectives:

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