Artificial Intelligence for Audit, Forensic Accounting, and Valuation

CHAPTER 1Introduction: Staying Ahead of the Emergent Risk

THE AI TECHNOLOGICAL REVOLUTION is sweeping through the globe. Audit is no exception. The world of audit is about to change. With not just automation, but intelligent automation, the future of traditional, mostly manual, audit is being redesigned. IAA, or intelligent audit automation, is the next generation of audit services that encapsulates new audit business models, new audit professionals, new types of tools and techniques, new standards, and new ways of looking at knowledge creation. Welcome to the bold and new world of intelligent automation.

As your guide on this journey, my goal will be to first introduce to you the era of intelligent automation. It is important for you to recognize that intelligent automation is not just a phase or a temporary detour or even the next step in the evolution of the digital technology. It is an era of its own. Together we will walk through this amazing entrance that will lead us into a completely new age for humankind. The era of nonhuman intelligent workforce. Once past that point, we will then pick up some tools of the trade so we can develop a perspective about the nuts and bolts needed to function in these revolutionary times. These nuts and bolts – essentially our toolkits – will help us proceed to the next level of audit automation. The toolkits are general, so even if you are not an auditor trying to learn about how to automate audit, they will come in handy. Equipped with ...