How AI is Transforming and Disrupting Audit

Rob Valdez joins Blake to discuss how artificial intelligence and generative chatbots like ChatGPT could automate routine audit tasks. They also explore the potential to train staff more effectively, save significant time on substantive testing, draft higher quality work, and some challenges around adopting these tools, such as security fears, poor system integration, and partners resistant to change.

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Chapters

• (00:53) - Rob Valdez Joins the Show to Talk About AI
• (02:27) - What Does Rob Do and What Is His Background?
• (03:35) - State of Artificial Intelligence in Audit
• (05:21) - Exploring the Use of AI Chatbots
• (08:55) - Potential of AI in Drafting Financial Statements
• (12:16) - The Future of AI with Audit
• (23:41) - Implications of AI on Audit Staff Roles
• (29:14) - The Power of Automation and Teamwork
• (31:00) - Challenges in Adopting AI in Firms
• (33:36) - The Inefficiencies of Current Data Management
• (35:53) - The Need for Integrated Systems
• (39:40) - What Will Motivate Aduit Firms To Adapt?
• (49:04) - The Possibility of Private Equity Getting Involved
• (53:30) - The Importance of Self-Disruption
• (54:59) - Thanks For Listening and How To Reach Rob

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Connect with Our Guest, Rob Valdez

LinkedIn: https://linkedin.com/in/rob-valdez
Twitter: https://twitter.com/robvaldezcpa

Learn more about Novogradac

Website: https://www.novoco.com/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/