Audit Committee Oversight in the Age of Generative AI

As the use of genAI in financial reporting processes and ICFR presents new risks and considerations for companies, audit committees will have an important oversight role to play. A recent joint CAQ survey of audit committees found that 33% of respondents indicated that finance transformation is in the top-three priorities for their audit committee in the next 12 months, and almost half of those respondents (15%) selected this as the top issue. The rise of genAI is raising important questions about when and how to invest in appropriate technologies that may have an impact on the finance organization and the speed of transformation. It’s rather striking in that regard that 66% of respondents indicated their audit committee has spent insufficient time in the past 12 months discussing AI governance. This resource will aid audit committee members looking to dedicate more time discussing AI governance by providing an overview of genAI and questions audit committees can ask to better understand company management’s approach to the use of genAI and oversee the related risks.

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