AI Series – Audit & Compliance
Author: Kelen Camehl
| CPE Credit: |
1 hour for CPAs |
This course provides an overview of how AI is used in audits and compliance tasks. It discusses how AI helps auditors identify risks by analyzing large amounts of data and setting materiality thresholds based on historical data and industry standards. It also addresses how AI tools can also automate audit procedures like data analysis and testing and how AI can detect anomalies and fraud by spotting unusual patterns in financial data and transactional records.
Publication Date: April 2024
Topics Covered
- Role of AI in Audit Planning and Risk Assessment
- Risk Identification
- Leveraging AI for Risk Identification
- Materiality Determinations
- Leveraging AI for Materiality Determinations
- Automating Audit Procedures with AI-Driven Tools
- Data Extraction & Analysis
- Trend Analysis
- Anomaly Detection
- Sampling
Learning Objectives
- Recognize AI's role in audit planning and risk assessment
- Identify how AI can automate audit procedures
- Recognize AI techniques for detecting anomalies and fraud during audits
- Identify AI's application in compliance monitoring
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
