The UK’s audit watchdog published guidance Monday on the use of certain artificial intelligence tools in reviews of corporate financial reporting, in what it called a world-first for a regulator.
The Financial Reporting Council’s guidance on the use of generative and agentic AI in audits spells out risks and how to mitigate them. Generative AI focuses on content creation, with agentic AI focused on decision-making.
Big accounting firms such as PwC and Deloitte are adopting agentic AI for tasks such as analyzing financial statements, sometimes teaming up with tech giants like Nvidia Corp. to develop the technology.
- “AI adoption in ...