AICPA publishes practice aid to assist auditors with AI - Wisconsin Institute of Certified Public Accountants

The item(s) you are attempting to remove has already been removed from your cart.

The AICPA recently issued a practice aid that provides a framework to help auditors understand how artificial intelligence affects financial statement audits.

Artificial Intelligence (AI) Considerations for Financial Statement Auditors covers the impact of organizations’ use of AI in financial reporting and the impact of audit firms’ use of AI in audit engagements.

The guidance, according to a news release, will help CPAs evaluate AI-related risks, understand how AI may affect controls, and determine appropriate audit responses and use of AI tools when performing the audit.

The practice aid is divided into two parts: the first covering how an organization’s use of AI in financial reporting affects the financial statement audit, and the second covering audit firms’ use of AI-related technological resources in the performance of their audit engagements. Read more.