However, Galis also highlights potential concerns, such as the integrity of data validation and the possibility of errors in testing procedures. He emphasizes that AI should not replace the human element in auditing, but rather enhance auditors' proficiency and knowledge. He calls for the development of policies for the use of AI in auditing, arguing that current practices need to evolve to keep pace with new technologies.
Key takeaways:
- AI can significantly streamline the auditing process by handling vast amounts of data quickly and accurately, allowing auditors to focus on other critical tasks that require their professional judgment.
- AI-powered systems can capture and analyze audit trails automatically, reducing the risk of errors or omissions and generating comprehensive prediction compliance reports.
- While AI can automate routine tasks and improve current audit methodology, it cannot and should not replace the human element that is critically important in the auditing process.
- As AI continues to evolve, auditors need to enhance their skills and adapt their practices to leverage new technologies, which present both new risks and opportunities.