Auditing in the Age of Generative AI

Collective interest in and awareness of genAI has grown exponentially since the public release of several genAI chatbots powered by large language models beginning in November 2022. While artificial intelligence (AI) and machine learning are not new, the accessibility and ease of use provided by genAI chatbots and similar large language models have led to increased use by individuals and companies. A recent CAQ survey found that one in three audit partners see companies in their primary industry sector deploying or planning to deploy AI in their financial reporting process. This number will likely continue to grow as companies explore the ways in which AI, including genAI, can streamline or enhance accounting and financial reporting operations and processes.

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