Deloitte Highlights Generative AI’s Role in Transforming Audit & Assurance

Generative AI (GenAI) is rapidly transforming industries, and Deloitte is at the forefront of integrating this groundbreaking technology into its Audit & Assurance business. According to a Deloitte survey, two-thirds of AI-savvy companies have increased GenAI investments due to its demonstrated value, and nearly 80% of leaders anticipate substantial organizational transformation over the next three years. Despite this enthusiasm, questions about ethics, governance, risk, and training remain central to discussions among finance and accounting leaders. Deloitte’s journey offers practical insights into these challenges and opportunities.

Deloitte has pioneered the use of GenAI in its audit processes through innovative tools like the Omnia audit platform and the DARTbot chatbot. Omnia uses GenAI to streamline workflows, incorporating updates to accounting standards and enabling audit professionals to focus on strategic tasks. This platform has garnered industry recognition, winning the inaugural “AI Innovation Initiative of the Year” award at the 2024 International Accounting Forum and Awards. Similarly, DARTbot supports over 18,000 U.S. Audit & Assurance professionals, acting as a virtual assistant to navigate complex accounting policies and provide real-time guidance. These technologies exemplify how GenAI can enhance efficiency without replacing the critical judgment of experienced auditors.

Managing the ethical and governance aspects of GenAI is a top priority for Deloitte. The firm employs its Trustworthy AI™ framework, ensuring governance, compliance, and risk management throughout the AI lifecycle. This includes stringent controls, adherence to regulations, and extensive employee training on responsible AI use. Deloitte’s educational initiatives, such as Project 120 and the AI Academy™, aim to upskill professionals and bridge the AI skills gap. These programs, coupled with a focus on ethical AI practices, empower Deloitte’s workforce to harness GenAI’s potential responsibly while maintaining the high standards of its audit services.

Deloitte’s commitment to a human-centric approach ensures that GenAI tools augment, rather than replace, the expertise of its professionals. The firm’s ongoing investment in training and ethical oversight positions it as a leader in integrating AI into professional services. By sharing its journey, Deloitte not only demonstrates the transformative power of GenAI but also provides a roadmap for organizations navigating this complex and promising technology.

Source: https://www2.deloitte.com/us/en/blog/accounting-finance-blog/2024/answering-ai-questions-in-audit-assurance.html