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Thank you Tom McLeod.
AI is developing quickly. While it continues to develop for knowledge industries, it is demonstrating it can make monumental changes to the audit profession. One only has to look at Accenture’s announcement last week, about its adoption of AI and its transformation into an AI led firm.
Audit will know it has failed when AI can do the job of an auditor quicker, with the same/ higher quality, at lower risk; when AI can undertake audits where there are simply not enough skilled auditors to complete the work; when AI can undertake continuous diagnostic mitigation of audits such as cybersecurity; when boards ask the question how to I assure ‘this risk’ and audit cannot stand up and be counted. When the corporate risk profile becomes such that boards ask for real time evaluation of risk and control effectiveness, required in cybersecurity.
AI will have a significant impact on the audit profession once LLMs develop domain specific attributes. This is not that far away.
Faisal Khan Dan Miles
Aegis Labs
#artificalintelligence
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