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The Future of Auditing is Unthinkable Without Artificial Intelligence
🇵🇱 Poland /Technology

The Future of Auditing is Unthinkable Without Artificial Intelligence

From Rzeczpospolita · (9m ago) Polish

Translated from Polish, summarized and contextualized by DistantNews.

TLDR

  • New technologies like AI and big data are transforming the auditing industry, offering tools to improve efficiency and analyze vast datasets.
  • While AI enhances analytical capabilities and reduces repetitive tasks, human judgment, critical questioning, and professional skepticism remain essential for auditors.
  • EY is investing in AI, integrating it into its global platform EY Canvas, to process trillions of data points, streamline client administration, and improve audit quality by reducing human error and increasing efficiency.

At EY Polska, we see artificial intelligence not as a rival, but as a powerful ally in the evolving landscape of auditing. The integration of AI and big data is fundamentally reshaping how we operate, offering unprecedented tools to enhance our services and analyze information with remarkable speed and depth.

Technology is our ally, not our rival, and its proper use can significantly increase the quality of audit services provided to our clients.

— EY Polska PartnerDiscussing the impact of new technologies on the auditing industry.

Our global platform, EY Canvas, powered by Microsoft Azure, Foundry, and Fabric, processes nearly 1.5 trillion data points annually, supporting 130,000 audit professionals worldwide. This technological leap allows us to move beyond traditional methods, enabling the analysis of vast, unstructured datasets like contracts and invoices. By leveraging machine learning and advanced analytics, our auditors can identify patterns, anomalies, and assess risks of fraud more effectively than ever before.

Thanks to AI, we can analyze huge datasets at an unprecedented pace, although the basis of our work must still be the ability to ask the right questions, correctly interpret the results, and maintain a skeptical approach using professional judgment.

— EY Polska PartnerExplaining the role of AI while emphasizing the continued importance of human auditors.

We understand that embracing new technology requires a careful assessment of associated risks. Our role is to verify that our clients' internal control systems adequately address these new risks, which are becoming a significant factor in the cost of financial statement audits. The agent-based AI within EY Canvas helps us coordinate complex tasks, streamline processes, and detect risks more rapidly, all while providing access to continuously updated audit and accounting guidelines.

Our role is to verify that internal control systems in companies take into account new risks.

— EY Polska PartnerHighlighting the auditor's responsibility in managing risks associated with new technologies.

This human-led, AI-powered audit approach represents a responsible and leading example of AI's application in business. It not only boosts our efficiency and reduces administrative burdens for clients but also enhances trust and improves the audit experience for everyone involved. The precision, objectivity, and consistency offered by AI significantly reduce the risk of human error, giving clients greater confidence in our findings.

Our audit, conducted by humans and based on AI, is a market-leading example of the responsible use of artificial intelligence in business.

— EY Polska PartnerPositioning EY's AI-driven audit approach as a benchmark in the industry.
DistantNews Editorial

Originally published by Rzeczpospolita in Polish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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