Mindbridge.ai has a product called AI Auditor. You can watch a five minute video that describes their product here. This article describes how AI Auditor works. This short video provides a concise summary of their approach.
How much more do you think an AI auditor can do if the financial report itself is machine-readable structured information as contrast to unstructured information? Think about that.
Here is everything you need to know to have an intelligent conversation about XBRL. As more and more metadata becomes available, then AI auditors will be able to contribute more and more.
Here is US GAAP metadata that makes AI auditor more effective. I have the same sort of metadata for IFRS but not quite as built out.
Here is a framework for creating even more metadata. I have carefully tested US GAAP, IFRS, IPSAS, and a testing reporting scheme that I created called XASB to make sure the framework will work for any reporting scheme.
We are one step closer to the Deloitte vision of the finance factory!
What are others saying? EY explains how AI will transform audit. (This is a very good video, worth watching.) This article by the AICPA explains how AI can improve the audit process. This article by FEI explains the impact AI will have on audit. Other tools already exist. Here is OnPoint PCRthat the AICPA is behind.
AI is real. While the AI assisted audits probably provide a bit of assitance now, that level of assistance will go up, and up, and up. The tasks performed by human accountants will move around.