Because new cloud-based tools can take years to perfect, audit experts in artificial intelligence (AI) highly recommend firms make the transition now if they have not already.
AI, also known as machine learning, does not necessarily mean faster or cheaper audits for clients right away. AI platforms learn over time and require the skills of trained staff.
Firms that run AI software for the first time will likely face many high-risk transactions. In the initial runs of the software, the system often lacks the context to understand a particular client’s nuances, leading to more raised flags.
With time and trained staff, however, these platforms can give practitioners a greater advantage when looking toward the future. Firms that are now adopting AI platforms can take note of these two audit experts.