Will auditing eventually be conducted electronically using AI? What does the future hold?

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Some aspects perhaps. But there is NO adequate substitution for human interaction and critical judgements.

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Lots of pain for the profession if we don’t modernize more quickly and get more in touch with our stakeholders

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80% of what we do as auditors can be automated and performed by AI. And that is where the profession is headed. It’s the remaining 20% that requires judgment, is where we will be spending our time going forward.

The biggest economic impact of this is going to be a shift in the billing model for accounting firms. It has to move from a T&M model to a value-based model.

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How would you assess value for an audit

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