AI Series - Audit and Compliance (Course Id 2269)

• Who is this course for?
  This course is intended for anyone needing Continuing Professional Education (CPE), including CPAs, accountants, and professionals involved in audit and compliance work.

• What is this course about or what problem does this course solve?
  This course provides an overview of how AI is integrated into audit and compliance processes to improve risk assessment, automate procedures, and detect fraud and anomalies in financial data.

• How can the knowledge from this course be used?
  Learners can apply the knowledge to recognize AI’s role in audit planning, automate audit tasks, and enhance compliance monitoring and fraud detection in their professional practice.

• Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
  The course is important because it equips financial professionals with specialized knowledge about leveraging AI tools to enhance audit accuracy, efficiency, and regulatory compliance.

• When is this course relevant or timely?
  Released in 2024, the course is timely as AI technologies are increasingly being adopted in the accounting and auditing fields to streamline operations and improve outcomes.

• How is a course like this consumed or used?
  This is a QAS self-study, text-based online course that includes reading materials, review questions, and a final exam, all of which must be completed online to earn CPE credit.

This course provides an overview of how AI is used in audits and compliance tasks.  It discusses how AI helps auditors identify risks by analyzing large amounts of data and setting materiality thresholds based on historical data and industry standards.  It also addresses how AI tools can be also automate audit procedures like data analysis and testing and how AI can detect anomalies and fraud by spotting unusual patterns in financial data and transactional records.

NASBA QAS - Text - NASBA Registry - 2269

Course Learning Objectives

• Recognize AI's role in audit planning and risk assessment
• Identify how AI can automate audit procedures
• Recognize AI techniques for detecting anomalies and fraud during audits
• Identify AI's application in compliance monitoring

Chapter 1 - AI Series - Audit and Compliance

Course Learning Objectives

Course Overview

Introduction

Role of AI in Audit Planning and Risk Assessment

Risk Identification

Materiality Determinations

Automating Audit Procedures with AI-Driven Tools

Review Questions

Detection of Anomalies and Fraud Using AI Techniques

Compliance Monitoring and Regulatory Reporting with AI

Best Practices for Implementing AI Tools

Conclusion

Review Questions

Glossary of Key Terms