AICPA Releases Practice Aid on Financial Reporting and Auditing Considerations Related to AI

The AICPA has released a practice aid that is intended to help auditors understand the effects of artificial intelligence (AI) on financial statement audits. Specific topics addressed in the practice aid include “evaluating AI-related risks, understanding how AI may affect controls, and determining appropriate audit responses and the auditor’s use of AI tools when performing the audit.”

For more information, see the press release on the AICPA’s Web site.