For financial directors, a busy season can be an extremely stressful period. They juggle a volume of audits that would make even experienced accountants feel the weight. Pressure from evolving regulations -- and clients to have audited statements available sooner -- continues to threaten audit quality. On top of those concerns and stresses, other external pressures are constantly being exerted on the office of the financial director. The pressure to reduce fees and provide additional value amid economic uncertainty and continued shortages of vital resources make life increasingly difficult for leading accounting firms.

A new report from Microsoft has found that the Financial Sector is leading the UK in the use of AI technology, but the industry is at a tipping point, and to fully benefit from such technologies, organisations need to invest now.

Artificial intelligence (AI) is being used in every function of businesses in the sector, says David Sexton, VP & head of insurance practice, UK and Ireland, at tech group Cognizant.

Sankar Krishnan, executive vice-president, banking and capital markets at consultancy Capgemini, says CFOs need to recognise that AI can transform and reimagine both their role and the departments they oversee.

Finance leaders need to consider the future impact of new technologies on their function, says Nadine Pichelot, VP finance of software group Anaplan.

The audit function is entering a new paradigm with the harnessing of AI and related technologies. But what are the benefits to finance directors and their companies?