Insights and Innovations in Accounting AI

The PCAOB's recent inquiry of firms and issuers offers insights on the successes and challenges the industry has experienced integrating AI into existing processes. While auditors are implementing AI for limited use cases, issuers have encountered challenges within their organizations. Still, both camps shared a broad range of future use cases which the PCAOB has detailed within.

This post will explore some of the more common findings from the PCAOB’s latest inspections. Using a few examples as a mini case study, we will examine how an LLM trained to integrate with a firm’s systems could be trained to detect and even suggest corrections for these types of errors in audits.

Perelson Weiner - Tellen AI Partnership Agreement

The increase in Part I.A findings by the PCAOB over the past several years has been widely reported with in the audit industry. While firms are quick to defend their individual practices, we have dove into the data to examine where and how this trend is playing out within the different subpopulations of firms inspected by the PCAOB. We found, among other intersting insights, that even the largest firms are experiencing rates of findings at or above the widely published averages.

We at Tellen are thrilled to announce our collaboration with Advantage Partners, a leader in SOC 2 attestations, to launch an innovative AI-powered chatbot designed to provide deep insights into the SOC 2 IT audit process.

Our latest blog post dives into their AI strategies and the guidance from the largest firm’s in the U.S. Notably, the Big Four’s KPMG and mid-tier Marcum have already launched internal AI assistants powered by Microsoft Azure, while the rest of the country’s top firms are investing heavily, and publishing insightful content, which we’ve aggregated for the use of practices both large and small. Learn how these firms are transforming the accounting landscape and what insights they can offer to those beginning their AI implementation.

How should auditors and accountants rethink their use of AI prompts to obtain better results? We’ve explored some practical tips for everyday use of off-the-shelf AI by those in the profession, including the use of custom instructions and considerations for refining prompts with the right specificity and context. Prompt engineering doesn’t have to be laborious or advanced for accounting professionals to get more from their use of AI. Read below for more:

What enhancements to the audit lifecycle might we see in the near future?

Much has been postulated about how generative AI will impact auditors. We decided to take a closer look at what is being said by industry leaders and what is currently being implemented to see where firms are investing to find the efficiencies they have predicted.

We are excited to launch Tellen's Accounting AI Studio, the first generative AI platform purpose built for accounting firms to access and develop AI applications. Tellen’s Accounting AI Studio provides secure infrastructure to accounting firms to launch their own branded AI platform for their employees and clients. This solution empowers client-facing knowledge workers to access pre-built accounting AI applications from our app store and build their own custom AI applications using natural language

AI copilots and autonomous agents will help with compliance adherence and data processing overload

The blog post discusses the evolution and impact of machine learning and AI in the finance sector, particularly in credit decisioning, and the emerging role of Generative AI in transforming industries, with a focus on accounting and financial audits.