The Role of Artificial Intelligence in Audit and Tax

Advancements in artificial intelligence (AI) are heralding a transformation in audit and accounting. From automating data entry and processing to predictive analytics and the automation of repetitive tasks, AI has the potential to free up audit and accounting professionals to focus on higher-value activities.Further, AI can enhance multiple areas:Audit: Audit firms are increasing the adoption of guidance materials by up to 144 percent to improve audit quality and consistency.Tax: Firms are using AI to surface knowledge so that staff serve more clients and more complex engagements. This enables tax professionals to find guidance content more quickly, thus improving client service and efficiency.