DataSnipper, the leading intelligent automation platform, recently surveyed audit and financial professionals on their view of Artificial Intelligence (AI).
Results show that 86% agree that AI helps cut down time on repetitive tasks. 74% trust AI to deliver quality and scale to their role. “Auditors are demonstrating that they are not only enthusiastic about AI but are demanding the adoption of it at their firms and considering it as a key reason to stay at the firm,” said Vidya Peters, CEO of DataSnipper. Implementing AI allows auditors to automate repetitive tasks, improve efficiency, and accurately reduce reporting errors – and 83% agreed they would be more inclined to stay at a company with AI initiatives in place.
The desire to see more AI technology adoption in audit and finance comes at a challenging time. The industry faces record-high talent attrition and a demand for higher audit quality standards. The Wall Street Journal reported an alarming 82% of experienced accountants are leaving the profession due to burnout from repetitive manual work.
In the past year alone, audit job openings have increased by 26%, while the number of filled positions has decreased by 16%, further increasing the urgency for innovative solutions. Additionally, regulatory requirements are emphasizing financial reporting accuracy more, as 6 out of 10 audits are now considered flawed by the PCAOB. The growing number of flaws are attributed to the reliance on remote work, high turnover, and less experienced staff.
52% of those surveyed disagree that AI will replace their role in the future, emphasizing the importance of adapting to and leveraging technological advancements. “In the next ten years, I don’t think AI will replace the role of an auditor. I think the role of the auditor will be AI-assisted, and not total AI,” said Brian Parrino, Strategy Businesses Development, at Protiviti. The impact of AI on talent attrition in the audit and financial industry will depend on how companies embrace these shifts in technological advancements.
It’s critical for businesses to encourage this transition by training employees, enabling them to utilize their existing skills alongside AI effectively. DataSnipper is transforming the Audit and Finance Industry with intelligent automation and effortless data validation, so auditors can focus on more strategic parts of the business.
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