Big Accounting Firms Fail to Track AI Impact on Audit Quality, Says Regulator

PwC’s AI Chief Says Firm Has Cut Prices as Tech Saves Staff Time

PricewaterhouseCoopers LLP, one of the world’s largest professional advisory firms, has cut prices for some services as clients raised the fact that the consultancy is using artificial intelligence to complete its work quicker.

Big accounting firms fail to track AI impact on audit quality, says regulator

Financial Reporting Council finds some auditors also lacked performance indicators for automated tools used

Audit regulator publishes first-ever guidance on AI use

The Financial Reporting Council (FRC), an independent regulator responsible for auditors, accountants and actuaries, has released its first-ever guidance on the use of AI technology in financial audits. New AI tools are increasingly being used in audits, according to the FRC, obliging the group to establish best practices and avoid negative impacts. Numerous industries are turning to AI tools to drive efficiencies, however, there is a particular…

Big Accounting Firms Fail To Track AI Impact On Audit Quality, Says Regulator - Data Intelligence

Stay informed with free updates Simply sign up to the The six largest UK accounting firms do not formally monitor how automated tools and artificial intelligence impact the quality of their audits, the regulator has found, even as the technology becomes embedded across the sector. The Financial Reporting Council on Thursday published its first AI guide alongside a review of the way firms were using automated tools and technology, which found “n…

Big Accounting Firms Fail To Track AI Impact on Audit Quality, Says Regulator

The six largest UK accounting firms do not formally monitor how automated tools and AI impact the quality of their audits, the regulator has found, even as the technology becomes embedded across the sector. From a report: The Financial Reporting Council on Thursday published its first AI guide along...