AICPA addresses ethics of AI in audits
The American Institute of Certified Public Accountants (AICPA) recently hosted its latest A&A Focus webcast, diving into the ethical implications of using artificial intelligence (AI) in audit procedures. The event, part of a monthly series, featured insights from leading experts on accounting, auditing, and assurance.
Danielle Supkis-Cheek, Vice President of Analytics & AI at Caseware, led the discussion on AI ethics. Supkis-Cheek emphasised that while AI tools are increasingly prevalent in the accounting profession, they do not absolve practitioners of their ethical responsibilities. She compared the use of AI to leveraging staff or experts, underscoring the need for proper review and oversight of AI-generated outputs.
Supkis-Cheek also highlighted the risk of automation bias, urging auditors to maintain professional skepticism and not overly rely on AI results without critical assessment. Additionally, she pointed out the growing importance of prompt engineering skills, suggesting that crafting precise and effective prompts will become a valuable competency for accounting professionals.
Fundamentally, the webinars conclusion echos our own here at XBRL International – AI is shaping up to be an interesting and helpful tool, when used effectively, in the hands of a professional – however, it shouldn’t be seen as a substitute for quality analysis.
AICPA members can watch the on-demand recording of the webcast and access additional resources on the A&A Focus series webpage – everyone else can read a summary here.
