The US audit board should become an AI advocate by showing accountants how to responsibly use the fast-emerging technology and giving auditors space to experiment, according to a now year-old report the regulator released Wednesday.
The Public Company Accounting Oversight Board should support efforts to automate and digitize the audit by issuing guidance and field-testing new technologies like artificial intelligence to understand its capabilities and risks, according to the May 2024 report from the regulator’s own technology working group.
“Innovation in public company auditing is essential because it can serve as an engine that improves audit quality,” said board member ...
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