In the evolving landscape of auditing, the integration of Generative AI (GenAI) is reshaping the skill set required for audit professionals. As we delve into this transformation, it’s crucial to understand the new competencies that will keep professionals ahead in their field.
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New auditor skill sets for a GenAI-driven audit
The advent of GenAI in auditing is not just a technological upgrade, but a paradigm shift that will enable a new breed of audit professionals. The individuals who thrive in this new environment will need to be equipped not only with traditional auditing skills but also with the unique aptitude that drives the enhanced capabilities introduced by GenAI.
Let’s look at a few of the top skills modern auditors will need.
Critical thinking and problem-solving
First and foremost, critical thinking and problem-solving skills stand out as indispensable. In a GenAI-driven environment, audit professionals will encounter scenarios that are far from routine. GenAI can analyze large volumes of data and identify patterns that might not be immediately obvious. Auditors must be adept at interpreting these findings, questioning their validity, and understanding their implications in the broader context of an audit.
Auditors who can think critically and solve problems will be able to harness the power of GenAI to deliver high-quality audits, uncover insights, and add value to their clients and stakeholders.
These skills are in high demand, as the Audit Survey 2024 from Thomson Reuters Institute shows that 54% of firms are seeking employees who have them.
Technical audit knowledge
Technical audit knowledge remains a cornerstone of the profession. However, in the context of GenAI, this knowledge must expand to include an understanding of how GenAI tools function within auditing frameworks. Professionals should be familiar with the algorithms and data structures that underpin these tools to ensure they are used effectively and ethically.
As GenAI tools become more sophisticated and integrated into auditing workflows, auditors will need to update their technical skill sets and knowledge accordingly.
Regulatory compliance
A key skill for audit professionals is the ability to navigate the complex regulatory environment that governs the use of GenAI in audits. And, according to the Audit Survey from Thomson Reuters Institute, 49% of firms want to hire talent with both technical audit and regulatory compliance knowledge.
As regulatory landscapes evolve with technological advancements, audit professionals must stay abreast of these changes.
Additionally, understanding the legal implications of using GenAI in audits is crucial. This includes knowledge of data privacy laws, ethical guidelines, and compliance standards specific to the use of artificial intelligence in financial reporting and auditing.
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Adaptability and continuous learning
The rapid development of GenAI technologies means that learning cannot stop at certification. Continuous education and adaptability are essential for audit professionals to remain relevant. This might include regular training on new GenAI applications, updates in AI ethics, and emerging trends in the auditing sector.
GenAI skill sets will become increasingly valuable and sought-after in the auditing profession. Audit professionals who can demonstrate proficiency in using GenAI tools and methods will have a competitive edge in the job market.
After all, according to the Generative AI in Tax Firms report from Thomson Reuters, 20% of firms take GenAI skills into consideration when hiring.
As new job roles and titles emerge to support the adoption of GenAI in audits, auditors will need to be flexible and willing to learn new skills and collaborate with different teams. This adaptability is essential for auditors to continue to succeed in a dynamic and evolving profession.
Interpersonal and communication skills
While GenAI can process and analyze data at unprecedented speeds, the human element remains irreplaceable.
Concerns about over-reliance on GenAI and potential job displacement highlight the need for a balanced approach where technology augments rather than replaces human capabilities. These concerns underscore the importance of maintaining a human-centric approach.
According to the Generative AI for Tax Firms report, over half of the surveyed firms expressed hesitation, concern, or even fear about the future of GenAI.
While embracing technological advancements is crucial, maintaining strong interpersonal skills is essential for successful implementation and operation in the audit profession.
Audit professionals must excel in interpersonal and communication skills to effectively convey complex GenAI-driven findings to clients and stakeholders who may not have a technical background.
The Audit Survey 2024 found that 11% of firms cited communication and collaboration within their firm as a top challenge, underscoring the critical role of these skills. The need for professionals with the ability to consume, interpret, and clearly convey complex information cannot be overstated.
Preparing for a GenAI-driven future
As GenAI becomes more integrated into auditing processes, audit professionals must evolve with new skill sets.
By developing a blend of interpersonal skills, advanced technical knowledge, critical analytical abilities, and robust regulatory understanding, auditors can navigate the challenges and leverage the opportunities presented by GenAI.
This proactive approach in skill development will not only bridge the current auditor skills gap but also enhance the efficacy and integrity of the auditing profession in a GenAI-driven future.
Learn more about how generative AI can transform the tax & accounting industry and what skills and competencies professionals need to thrive in this new era.
Ready to enhance your auditing practices with cutting-edge tools? Read our blog introducing Thomson Reuters Audit Intelligence Analyze and find out how.
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