Mirroring other professions, auditors are increasingly seeking to adopt AI systems to revolutionise the work that they do.
Reflecting wider trends within the sector, there is an increasing shift towards smaller auditing firms trying to take on larger competitors by delivering a higher value service.
Where once this David and Goliath scenario may have seemed impossible, AI could be the sling and the rock that leads to victory, but only if professional accountability can be preserved.
How does professional accountability work with AI-powered audits?
Attempting to audit larger companies has often been an intimidating task, particularly for smaller firms.
The inability to keep pace with larger competitors has risked the integrity of the profession, as well-established firms are unlikely to need to fend off challenges that would push them towards higher quality work.
One workaround that can be adopted by auditors is to use narrow samples as representatives for the business’s overall datasets at the risk of missing something that is hidden away.
AI technology is poised to reduce this need by empowering auditors to more confidently tackle larger datasets without devoting the level of time it would take a human to manage the process.
Theoretically, a robust AI system could level the playing field significantly between large and small auditors, as having a multitude of staff would no longer be an inherent advantage.
Provided a human auditor was still in place to review the work done by an AI, the overall reliability and the validity of the audit should not be jeopardised.
This will be the likely form of professional accountability in the future of audits and will need skilled auditors in order to make it successful.
Can AI systems make auditing more effective?
As with all AI integration, the effectiveness largely depends on what system is being used and for what purpose.
Audits involve a lot of sensitive data, so clients are understandably concerned that a smaller firm might throw their data into a Large Language Model (LLM) in an attempt to cut corners and compete with larger firms.
This would be a perilous path for the sector to take, with the misuse of AI being almost certain to erode trust that has taken years to cultivate.
Instead, auditors need to utilise AI-powered systems designed explicitly for audits.
Glasscubes is the ideal tool for this as it serves to streamline the auditing process with intuitive AI features.
Instead of spending hours manually reviewing client information, Glasscubes uses AI to extract and summarise the data you need and transform it into real-time reports with automatic status updates.
Rather than relying on emails to gather up sensitive client data, Glasscubes provides a secure form of GDPR-compliant communication.
Combine this with automated follow-ups for clients and an audit team can spend less time managing emails and more time providing a valuable service.
Professional accountability is baked into the design of Glasscubes as data is displayed clearly and effectively with visible workflows for your entire team.
As economic pressures place businesses under more strain, having a better-positioned audit team that can get to grips with the needs of a business is becoming more appealing.
Deeper insights delivered by a team able to connect with the full spectrum of a business’s data should be the key to helping your audit firm stand out and win more work.
Book a demo to find out how effective technology can empower your audit firm to take on bigger and better clients.
