PCAOB Explores Generative AI

The Public Company Accounting Oversight Board issued a report outlining the results of its initial outreach efforts to auditors regarding generative artificial intelligence , representing early tentative steps by the board in evaluating how the technology is impacting audits . Among the findings :

• Some firms said their staff can use GenAI when preparing certain administrative documents or initial drafts of memos and presentations related to the audit . Some firms also indicated that they had developed and deployed GenAI-enabled tools to assist staff in researching internal accounting and auditing guidance .

• Most firms indicated that they are continuing to invest in GenAI enabled tools either by developing them internally or by partnering with third parties .

• Some preparers said they use GenAI in creating initial drafts of internal documents , such as presentations and summaries of accounting standards and interpretations . In addition , some preparers also use GenAI to assist with less complex and repetitive processes , such as preparing account reconciliations or to identify reconciling items .

Read the full report at https :// pcaobus . org / documents / generative-ai-spotlight . pdf

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