Artificial intelligence (AI) and machine learning (ML) technologies can streamline traditional audit procedures for Accounts Receivable (AR) and Accounts Payable (AP) in audits of financial statements.
Stefano Colaiacovo, CPA, CA
A new audit evidence standard has been released by the American Institute of Certified Public Accountants (AICPA) that includes significant updates around how technology and automation can be leveraged throughout the audit process. Here, we’ll examine this standard and some of the most significant examples of how the AICPA has explicitly considered the applicability of
Improving audit risk assessments with AI-driven analysis of Accounts Receivable and Accounts Payable subledger data
The cornerstone of well-planned and high-quality audit engagements is a robust risk assessment process. Such a process is critical to identifying risks of material misstatement and their relative significance by providing a fulsome understanding of the entity subject to audit and the environment in which it operates. The nature and extent of these audit risk
In these challenging times, virtually all organizations are faced with disruptions to the status quo. Depending on the industry and profile of one organization to the next, these disruptions can range from creating slight instability in day-to-day activities to having a catastrophic impact on the basic viability and sustainability of operations. Transparent and accurate financial
COVID-19 — the coronavirus — has businesses around the world facing an unprecedented situation. First and foremost, we sincerely hope that you and your loved ones are safe and secure. Our current, shared situation certainly gives us pause and we recognize the importance of pulling through this together. This new working environment most likely means