US Audit Board Member Urges Agency to Catch Up on AI Advances

A member of the US audit board said Wednesday that the watchdog has fallen behind in the technology race as artificial intelligence reinvents the financial statement audit.

“Technology is not waiting on us,” Christina Ho, a member of the Public Company Accounting Oversight Board, said during a Financial Executives International event.

Still the board has a newfound sense of urgency to support innovation that could improve the quality of audits. Providing auditors with guidance is a critical step, she said.

“Audit firms need clear principle-based guidance on responsible AI use for model validation, documentation, and quality control,” Ho ...