Auditors Limit Gen AI to Administrative Tasks, Regulator Says

Top accounting firms have stopped short of using generative AI to vet financial statements of the largest companies in the US even as they experiment with how they could apply the nascent technology, according to the US audit board.

Some of the busiest US auditors are using generative artificial intelligence to research internal audit policies or draft memos. But firms generally restrict staff from using the fast-developing technology behind ChatGPT to do core audit testing, according to research findings the Public Company Accounting Oversight Board released on Monday.

The findings are based on discussions with accounting firms including the six ...