Artificial intelligence (AI) is already making a big difference in the accounting industry and is even changing lives on a personal level. A recent Forbes article sheds light on AI’s application to the audit, as the author explores a recent real-world case of fraud committed by a CPA.
In the AI-enhanced investigation by a California audit firm, enough data was uncovered to bring charges based on $2.8 million in fraudulent transactions.
Don’t worry about AI eliminating your job, though. Accountants and auditors, forensic experts and finance professionals are still necessary to provide context, intuition and client understanding.