The Board of Directors American Association For Artificial Intelligence Menlo Park, California We have audited the statement of financial position of American Association for Artificial Intelligence as of December 31, 1996 and the related statements of activities, changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the Association's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
After revolutionizing tax and accounting over the course of decades, technology finally looks poised to reshape the third major service of the traditional accounting practice: the audit. Machine learning, data analytics, ever-more-powerful and mobile computers, and new tools like blockchain will do more than just change the way auditors do their job -- increasingly, they'll change what that job is. To get a glimpse of what the audit (and auditor) of the future will look like, Accounting Today convened a virtual roundtable of experts in the field. Sharing their thoughts on the future of auditing here are: Mark Baer, managing partner of the audit services group at Top 10 Firm Crowe Horwath; Frank Casal, vice chair of audit at Big Four firm KPMG; Cindy Fornelli, the executive director of the Center for Audit Quality; Joel Shamon, the national audit leader at Top Five Firm RSM US; and Jimmy Thompson, an audit partner at Texas-based MaloneBailey. Which trends -- whether technological, regulatory, economic or otherwise -- should auditors be paying the most attention to over the next five years? Casal: Audit professionals' work is fundamentally about "trust."
At Rutgers University, for example, Miklos Vasarhelyi, the director of the Rutgers Accounting Research Center and Continuous Auditing & Reporting Lab, has been advocating for more analytics and more continuous, semi-automated audit processes for many years. Martin Baumann, the chief auditor and director of professional standards at the Public Company Accounting Oversight Board, commented in a video interview for the Journal of Accountancy:3 "We wouldn't want auditing standards to be an inhibitor that might otherwise allow technological audit achievements to move ahead." The leaders of the practice are committed to major changes in audit processes and technology, and analytics and automation technologies are key features of the new process. I've spoken about this topic with audit executives at Deloitte, accounting professors at various universities, and vendors of analytics and automation technologies.