Answering Questions: AI in Audit & Assurance | Deloitte US has been saved
By Chris Griffin, Audit & Assurance Partner, Deloitte & Touche LLP
Talking points
- Organizations in a wide range of industries have begun rapidly adopting Generative AI (GenAI) technology.
- But business leaders still have questions about deploying the technology and managing challenges such as risk, governance, and training.
- In this edition of The Pulse, we answer three of the most frequent questions we hear from clients, drawing on Deloitte’s own AI journey in its Audit & Assurance business.
GenAI has taken hold in the business world with breathtaking speed. According to a recent Deloitte survey of leaders in more than 2,800 AI-savvy companies, two-thirds (67%) reported rising investments in GenAI because they have seen strong value to date.1 In another survey, nearly 80% of leaders said they expect GenAI to drive substantial transformation within their organization and industry over the next three years.2
Uncertainty and questions about GenAI
Despite this enthusiasm, there is still uncertainty surrounding the technology. In my meetings with finance and accounting leaders, I regularly get questions about what we’re seeing and doing with GenAI:
- How is Deloitte using GenAI in its Audit & Assurance business?
- How are you managing ethics, governance, and risk?
- How are you approaching GenAI training?
Our journey developing and introducing GenAI capabilities into new and existing Audit & Assurance tools may offer useful insights for your own GenAI journey.
How Deloitte uses GenAI in Audit & Assurance
At Deloitte, GenAI is the next frontier of our Audit & Assurance business. Two examples are our forward-focused Omnia audit platform and DARTbot chatbot tool—both of which use GenAI to help transform the audit and assurance process.
The technology in practice
Omnia’s GenAI capabilities drive efficiency so our audit professionals can focus on more strategic tasks that leverage their industry knowledge and experience. GenAI helps automate time-consuming tasks, such as expediting access to accounting and auditing standards updates and incorporating those updates into back-end audit workflows to provide an enhanced audit experience. Additionally, GenAI provides an assistive layer of review and analysis that can reduce time spent by both client teams and auditors.
Omnia’s GenAI capabilities were recently recognized at the International Accounting Bulletin’s (IAB) 2024 International Accounting Forum and Awards in London—receiving the inaugural “AI Innovation Initiative of the Year” award.
Similarly, DARTbot empowers more than 18,000 US Audit & Assurance professionals to quickly research complex accounting questions and navigate the intricacies of accounting rules, policies, and procedures. The chatbot acts as a virtual assistant, providing real-time guidance and answering queries. These benefits contribute to our larger effort to enhance and evolve the audit experience
Lessons learned along the way
While developing and introducing these GenAI tools, it was critical to keep in mind the goal of this technology—to augment the skills and experience of our professionals. In Audit & Assurance, we will always rely on our talent to provide high-quality audit and assurance services. However, we know that the more we can free our professionals from time-consuming, manual processes, the more time they can devote to more complex work.
The human-centric approach to AI integration meant we needed to have a clear understanding of our auditors’ needs and challenges to understand which tasks could successfully be automated and standardized by GenAI tools. There is no single process in an audit that can be automated end to end. While small slices of tasks can be standardized, digitized, and automated, the ultimate review and conclusion of those tasks requires an experienced professional to exercise professional judgment.
Managing GenAI ethics, governance, and risk
There’s no question that GenAI comes with ethical, governance, and risk challenges (see our Pulse blog “Generative AI in accounting: Opportunities and risks to assess today”). Deloitte’s approach to these challenges, Trustworthy AI™, requires governance and regulatory compliance throughout the AI life cycle—from ideation to deployment. The framework incorporates seven dimensions that span governance and controls; regulatory compliance and policy; and reskilling and education.
At its foundation, AI governance and risk management encompasses all the stages shown above and is embedded across technology, processes, and employee trainings. This includes adhering to applicable regulations, as it prompts risk evaluation, control mechanisms, and overall compliance. Using employee resource groups, online forums, and other activities, we’ve created opportunities for our professionals to keep pace with GenAI technology capabilities, ethical considerations, and their risks.
Training our people in GenAI
A key step in the integration of GenAI in the Audit & Assurance business and across our organization was determining that our people are equipped with the appropriate skills to leverage this technology. Deloitte has a multifaceted approach to GenAI training, which encompasses upskilling professionals to use GenAI, as well as providing practical experience with the technology itself to improve training, cross-skilling, and upskilling.
These learning initiatives include Project 120, a $1.4 billion investment in learning and development designed to boost skills in key technology areas including AI, as well as the Deloitte AI Academy™, which bridges the AI skills gap by educating the next generation of AI professionals. These initiatives operate in conjunction with the Deloitte AI Institute™, which was established to advance the development of AI through engaged conversations and innovative research.
Beyond AI fluency, we also focus on educating our people on AI ethics and responsible use. Deloitte’s Technology Trust Ethics practice provides a foundational training to help employees develop an ethical tech mindset and understand the growing need to develop and handle technology responsibly.
What role can Deloitte play?
Deloitte can provide advice and considerations as you progress through your GenAI considerations and decisions. For many years, we have been working on integrating innovative technologies and advising clients on their journey to adopt AI and now the latest GenAI tools. To learn more and get in touch about GenAI’s potential to transform finance and accounting, please visit our webpage: Responsible AI for Audit and Assurance. For more information about the IAB’s AI Innovation Initiative of the Year award, take a look at our press release. Of course, don’t hesitate to reach out to Deloitte with any questions.
Endnotes
1 Jim Rowan et al., “Now decides next: Moving from potential to performance,” Deloitte’s State of Generative AI in the Enterprise Q3 report, August 2024.
2 DeloitteDeborshi Dutt et al., “Now decides next: Insights from the leading edge of generative AI adoption,” Deloitte’s State of Generative AI in the Enterprise Q1 report, January 2024.
The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
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Chris Griffin
Audit & Assurance Partner | Deloitte & Touche LLP
Chris Griffin is the Deloitte Audit & Assurance (A&A) Managing Partner of Transformation & Technology, where he is responsible for overseeing the incubation and development of transformative service delivery solutions. Serving as part of the A&A Executive Leadership Team, Chris shapes the transformation strategy across the digital, workforce, and operations areas of the business. With over 28 years of experience delivering audit, assurance, and accounting advisory services, Chris serves a wide range of public and private global companies across various industries with responsibility for overall audit execution. Collaborating with management and audit committees as they address critical matters and facilitate the smooth and seamless delivery of services, Chris has extensive experience coordinating with Deloitte engagement teams to serve his global clients. Chris has led audits to meet multiple reporting requirements involving US GAAP, non-US GAAP, and IFRS. During a two-year secondment with Deloitte in London, he provided US GAAP and SEC reporting assistance for several large, multinational clients. This experience has contributed to his extensive knowledge of issues affecting complex global organizations. Well-respected among his colleagues and clients, Chris is known for his direct communication style and his ability to distill complex issues quickly and arrive at sound conclusions. His reputation at Deloitte and A&A leadership role provide him with a wide network of highly skilled and talented professionals that can bring the transformation strategy to life.
