November 21, 2024
Artificial intelligence becoming valuable audit tool #FrenchFinance

Artificial intelligence becoming valuable audit tool #FrenchFinance

CashNews.co

Financial statements and artificial intelligence are part of the incoming AI wave in which businesses have growing confidence – if human professionals are in the lead.

The 2024 first-ever BDO Audit Innovation Survey reveals the thinking of 200 finance leaders of companies with revenues ranging from $250 million to $3 billion. However, as AI expands, these considerations will grow among smaller companies, eventually flowing down to companies that are just starting to think about AI use in their financial statements. (Note: Rodefer Moss is an independent, privately-owned member of the BDO Alliance, the world’s fifth-largest accounting network).

Eighty-four percent of respondents to a survey on innovation in auditing expect technology to improve as more is employed, and trust in an external auditor is directly related to the auditor’s ability to demonstrate technological proficiency.

Financial statements tell a public, private or nonprofit entity’s story to investors, regulators and other interested stakeholders. Financial statements are heavily scrutinized. Effective, thorough audits are a must-have to ensure corporate credibility and viability.

The survey of finance leaders at public and privately-owned companies shows that major firms are looking with growing attention at the technological capabilities of accounting firms conducting independent audits. The more effective the technology, the more confidence finance leaders will have in the audit firms.

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