Artificial Intelligence (AI) is considered the future of everything. Analyts predicts that AI will take over the jobs of humans and solve every complex challenge with advanced technology and tools. However, auditors are concerned about the takeover of AI in auditing procedures and what will be their role in future.
By 2025, executives predict that Artificial Intelligence will revolutionize the corporate world by taking over a staggering 30% of audits according to a World Economic Forum survey published in 2015. Certainly, AI will be playing an effective role in auditing but that doesn’t mean it will dump the workers. Companies are making sure that machines and humans are working together. Successful companies are hiring people that can work well with machines as well as manage tasks that require human knowledge. Where it is human impossible to examine large volumes of data. Here AI can process massive volumes of data and produce results in no time. Therefore, the solution is that human and AI work together to build a better future for the auditing industry.
Though it is hard to predict the future if auditing with complete accuracy. One thing which seems apparent is that AI will enhance the quality of auditing. But it cannot take away the experience, skills, and judgment of an auditor. Where AI may be better at interpreting data and numbers but it still has limitations that auditors can fill up with. For example, in assessing a company’s environment, communication with the people requires human intervention. The use of AI can benefit in a review of massive data to simpler tasks such as collecting sample evidence for audit or highlighting irregularities in finances and data
Despite the rising complexity of audits brought on by the data explosion, skilled human auditors will remain at the core; AI technology is set to only enhance their ability and elevate audit quality. Now more than ever, they have access to advanced tools that can help them make informed judgments quickly and with confidence.
