People have a natural fear of technology putting them out of work. The word sabotage allegedly comes from French protesters who threw their wooden clogs -- sabots -- into machines to stop them working. And much of the second half of the 20th century was characterised by labour disputes in relation to the introduction of new technologies in manufacturing industries. Many workers in the services and creative industries believed they were immune to such threats, but AI has changed all that. Robot process automation (RPA) and other AI-powered activities are replacing human activities in a whole range of areas, from call centres to accountancy practices; and, as the technology gets smarter, the number of roles that can be replaced increases.

Audit services are traditionally viewed as compliance requirements by regulators or a way to instill confidence with a company's investors. As a result, the focus of the CFO might shift to minimizing costs and efforts in order to comply with the required audits. During the limited interactions with the audit committee or the company's CFO, how can auditors demonstrate their value as a trusted advisor that goes beyond traditional assurance to delivering valuable insights? How do auditors build strong working relationships with respective clients for future audit engagements? Leveraging MindBridge Ai Auditor, the audit team can enhance their Audit Findings Report or Audit Committee Presentations to include visualizations, reports, and trends analysis to better communicate the work performed by the audit team. Reports can be tailored to include areas that are beyond formal requirements to areas that would be of most interest to the audit committee or that the CFO would be most concerned about.

In the Data Tab, there are three buckets that illustrate information about the transaction and/or entries, tasks, and Control Points. We have added the entries to the audit plan, as well as the audit area and assertion names. Another improvement to the audit plan is that we now show the risk scoring of each Control Point for each entry in the audit plan.

To best prepare for the upcoming busy season using MindBridge Ai Auditor, we've prepared this list of key actions to take, based on feedback received from users and their clients. Take note, plan your actions, and if you have any questions, please don't hesitate to contact us for help. Planning and communicating with your client during busy season is always a good practice and it's even more critical for firms going through their first artificial intelligence-based audit. Most of the steps will be familiar, some are new, so you want to make sure that everyone's on the same page as far as activities, expectations, and goals. Key to working with Ai Auditor is letting your client know that you're moving to a data-driven audit approach this year and that the earlier their data is submitted, the more effective the audit.