In the near future auditors will be aided by power artificial intelligence systems. Near future, is a little inaccurate, in fact it’s already happening. As big data becomes ever more a part of our work lives, computers are needed to make sense of this information and help us preform audit engagements.
The major players are starting to emerge. And big blue is throwing the power of Watson into the mix. KPMG is using their human auditors to teach Watson how to do it’s job. Currently, the software can aid auditors by analyzing contracts, legal documents by looking for keywords and other patterns.
Watson aside – this is becoming the norm in the industry.
A quarter of the 180 CPAs surveyed listed big-data analysis as one of the top industry challenges in the future and 20 percent listed increased complexity and scrutiny in engagements.
Big data will only continue to become more prevalent and we must build the tools needed to audit these systems. Artificial intelligence is poised to be the go to solution when working these engagements. Learning how to use this in our day to day business is a must.
Source: IBM Watson enters ‘Big Four’ accounting firm duel for A.I. dominance – New York Business Journal