Day 1 @ 14:00

AI & Automation: What Can and Can't Be Automated in the Annual Audit?

Artificial Intelligence is rapidly transforming the audit profession. From data extraction and transaction analysis to risk assessment and documentation, AI is enabling auditors to perform many tasks faster and more efficiently than ever before.However, while technology can automate routine audit procedures, key elements of the audit process continue to require human judgement, professional scepticism, ethical decision-making and accountability.

This session explores the practical realities of AI in audit, separating hype from reality.Attendees will gain insight into which audit procedures can be effectively automated today, where human involvement remains critical, and how the role of auditors is expected to evolve in an increasingly technology-driven environment.

Key Discussion Points

• How AI is currently being used in modern audits.
• Audit procedures that can be automated today.
• The benefits and limitations of AI in audit and assurance.
• Why professional judgement and scepticism remain essential.
• The role of AI in fraud detection and risk assessment.
• How AI is changing the skills required of finance and audit professionals.
• What boards, management and finance teams should be doing now to prepare for the future.

Key Takeaway

• AI will change how audits are performed, but it will not replace the need for human input.
• The future of audit is not humans versus AI, but humans empowered by AI.

Michael McGann, Audit Director, MGI Sydney

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Michael McGann / AI & Automation: What Can and Can't Be Automated in the Annual Audit?

Michael McGann, Audit Director,
MGI Sydney

Michael McGann is an Audit Director at MGI Sydney with over 20 years of experience providing audit, assurance and advisory services to private companies, not-for-profit organisations and regulated entities. He works closely with boards, management teams and business owners on financial...

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