Artificial Intelligence and Machine Learning play key roles in the field of auditing. There are many firms across the globe that are using the power of AI for auditing. For example, Deloitte uses Argus, which is an AI-based tool used to easily read documents, such as contracts, sales agreements, lease documents, etc., and it also helps in the analysis of key trends and outliers. Doing this will help auditors spend their time doing tasks that require more of cognition. With increasing design capabilities, AI seems strong in the field of auditing. Auditing and the analysis of journal entries are also possible with keyword analytics and even risk assessment requirements. With the increasing processing power offered today, along with the rise of quantum computing, the applications of AI in all of the domains are virtually endless.
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