EY Successfully Uses Artificial Intelligence to Detect Audit Fraud
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The Big Four accounting firm Ernst & Young recently tested an artificial intelligence system designed to identify fraud on the accounts of its UK audit clients, successfully detecting two suspicious activities. This early success demonstrates the potential of AI in enhancing audit quality and reducing workload, but there is a divergence of opinion among auditors regarding its reliance. Regulatory bodies will issue their views, emphasizing the need for companies to possess professional expertise to ensure the system meets the correct standards. Despite some challenges, AI will become one of the tools for auditors.
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