83% of auditors are inclined to stay at firm with AI initiatives: AI survey conducted by DataSnipper
Abigail Weir
by Abigail Weir
DataSnipper, the leading intelligent automation platform, recently surveyed audit and financial professionals on their views of Artificial Intelligence (AI). The insights are fascinating and can act as a springboard for firms of all sizes across the globe which are eager to embrace AI in their workplaces. Abigail Weir, GGI sponsoring firm DataSnipper, analyses a timely survey for us below.
Results show that 86% of respondents agree that AI helps cut down time on repetitive tasks. 74% trust AI to deliver quality and scale to their role.
“Auditors are demonstrating that they are not only enthusiastic about AI, but are demanding the adoption of it at their firms and consider it a key reason to stay at the firm,” said Vidya Peters, CEO of DataSnipper.
Implementing AI allows auditors to automate repetitive tasks, improve efficiency, and accurately reduce reporting errors, and 83% of respondents agreed they would be more inclined to stay at a company with AI initiatives in place.
The desire to see more AI technology adoption in audit and finance comes at a challenging time. The industry faces record-high talent attrition and a demand for higher audit quality standards. The Wall Street Journal reported an alarming 82% of experienced accountants are leaving the profession due to burnout from repetitive manual work.
In the past year alone, audit job openings have increased by 26%, while the number of filled positions has decreased by 16%, further increasing the urgency for innovative solutions. Additionally, regulatory requirements are placing increasing emphasis of financial reporting accuracy, as 6 out of 10 audits are now considered flawed by the Public Company Accounting Oversight Board (PCAOB). The growing number of flaws are attributed to reliance on remote work, high staff turnover, and the hiring of less experienced staff.
Fifty-two percent of those surveyed disagree that AI will replace their role in the future, emphasising the importance of adapting to and leveraging technological advancements.
“In the next ten years, I don’t think AI will replace the role of an auditor. I think the role of the auditor will be AI-assisted, and not total AI,” said Brian Parrino, Strategy Businesses Development, at Protiviti.
The impact of AI on talent attrition in the audit and financial industry will depend on how companies embrace these shifts in technological advancements.
It’s critical for businesses to encourage this transition by training employees, enabling them to utilise their existing skills alongside AI effectively. DataSnipper is transforming the audit and finance industry with intelligent automation and effortless data validation, so auditors can focus on more strategic parts of the business.
Please download the full report here to read key findings. Visit DataSnipper to learn more.
Abigail Weir is a Public Relations and Communications Specialist at DataSnipper, intelligent automation platform. Abigail holds a bachelor's degree from the University of Tennessee, Knoxville in Public Relations and Marketing with a concentration of Business Administration and Finance.
DataSnipper is focused on transforming data in the audit and financial industry. Founded in 2017, DataSnipper provides audit and finance teams with an intelligent automation platform to drastically increase the quality and efficiency of audit and finance procedures. DataSnipper is used by over 500K audit and finance professionals in 125+ countries.
