AI is a hot topic now and for good reason: everyone wants to innovate. The audit profession is no different, so how can the industry better use cutting edge tech to its advantage?

Technology, including AI, has already transformed the profession over the years. For example, document intelligence and parsing (which means extracting relevant text from documents to accelerate analysis) can help make short work of a repetitive task.

And when it comes to evaluating risk, AI can also be used to make predictions, based on historical and other relevant data that professionals can then explore further to prove or disprove.