Finance Leaders Split on AI Audit Benefits, Want Clearer Explanations
Finance executives expect their auditors to use artificial intelligence tools to identify deeper business risks and explain their findings more clearly, according to a survey released Tuesday by the Financial Education and Research Foundation.
The survey reflects 2024 financial statement audits. Half of finance leaders said AI improved audit quality, but executives remain divided on whether earlier technology investments by U.S. accounting firms are paying off.
What Finance Leaders Want
Executives want auditors to go beyond surface-level reviews. They expect AI-powered audits to surface hidden risks and provide transparent explanations of how auditors reached their conclusions.
The split opinion suggests that AI adoption in auditing is still uneven. Some firms are delivering measurable improvements in audit quality. Others have yet to demonstrate clear value from their technology spending.
The Productivity Question
Beyond audit quality, finance leaders also track whether AI tools increase auditor productivity. The survey indicates this remains an open question for many organizations.
For finance professionals overseeing audits, the takeaway is clear: AI adoption alone doesn't guarantee better results. The quality of implementation and how well auditors communicate their AI-driven insights matters more than the technology itself.
Finance leaders managing audit relationships may want to ask their auditors specifically how they use AI to identify risks and how they explain their methodology to stakeholders.
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