Like any algorithm- and data-driven process, artificial intelligence (AI) presents internal audit with a clear role in ensuring accuracy and reliability. It is important that boards and other stakeholders understand stages in the AI life cycle where internal audit's focus can provide positive effect. How can the board best support the CAE's efforts to ensure that the internal audit team is prepared to provide assurance over AI and capitalize on its efficiencies in appropriate audit plans and activities?
In a featured byline in Accounting Today, Deloitte partners Roger Nanney and Jon Raphael address how cutting-edge technology and innovation are transforming the audit, yielding broader, and deeper business insights, streamlining the audit process, and significantly reducing the manual data collection and processing that have traditionally made audits so labor-intensive and time-consuming. Innovative tools like workflow automation, artificial intelligence, and data analytics are driving audit quality to new heights and generating valuable insights that can help private companies address risk more effectively and enhance business performance overall.
Technology continues to change society at a rapid pace, and accounting and auditing are by no means immune. New technologies are increasingly able to mimic human activity, taking on repetitive tasks more quickly and accurately than people can. The authors provide an overview of the ways in which robotic process automation may change how the profession operates, with a particular focus on the area of revenue audits. Auditing has historically incorporated many computer-dependent tools and processes, which were often interlinked by many manual steps and keystrokes. A new set of overlay software has emerged, however, that combines these disparate actions into a single smooth automated process.
I know you guys are just dying to know the answer to this question, so let's get right to it. Audit Analytics recently came out with its breakdown of the top 20 audit firms that had the most insurance clients in 2018. Yes, the Big 4 firms took the top four spots, combining for 2,300 of the 3,946 insurance companies analyzed by Audit Analytics. But there are some firms in the top 10 that may surprise you. First, the most prestigious firm in all the land, PwC, audited the most insurance companies, with 692--nine more than in 2017.
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