AICPA releases practice guide for auditors dealing with AI

The AICPA has released a new practice guide to help auditors understand how current audit standards do and do not apply to the use of AI, both in terms of entities that used it to draft their financial statements as well as practitioners using the technology during the audit itself. "AI tools are already benefiting the efficiency and effectiveness of both financial statement preparation and the audit in a number of ways," said Amy Pawlicki, the AICPA's vice president of assurance and advisory innovation, in a statement. "But as powerful as they are, these tools can introduce new risks that auditors must be cognizant of in fulfilling the critical role they play in performing financial statement audits.

Author: Chris Gaetano