From the course: Leveraging Generative AI in Finance and Accounting
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Compliance and regulatory landscape
From the course: Leveraging Generative AI in Finance and Accounting
Compliance and regulatory landscape
- As artificial intelligence continues to make inroads into the financial sector, the complexity of this technology presents unique challenges for both auditors and businesses. Auditors are now grappling with the intricate task of dissecting algorithms that are far more complex than traditional financial models. Businesses on the other side bear the dual responsibility of not only implementing these algorithms, but also making them transparent by clarifying their inputs, processes, and outputs to both regulators and stakeholders. As business technologies evolve, finance and accounting professionals must adapt to understand and navigate a new compliance and regulatory landscape. Accounting professionals are well aware of the system and organization controls requirements commonly known as SOC reports. These are comprehensive external audits that rigorously test the design and operation of a company's IT, finance, and business…
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