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Big accountancy firms fail to monitor AI’s impact on audit . . . Big accountancy firms fail to monitor AI’s impact on audit quality, says FRC The FRC has warned that big accountancy firms aren’t tracking how AI tools affect audit quality, raising concerns over oversight amid growing reliance on automation
Large accounting firms cannot track AIs impact on audit . . . The six largest UK accounting companies have not formally monitored how automated tools and artificial intelligence affect audit quality The Financial Reporting Council on Thursday published its first AI guide along with a review of how businesses use automated tools and technologies
Financial Times - Big accounting firms fail to track AI . . . Financial Times's post Financial Times 12m Big accounting firms fail to track AI impact on audit quality, says regulator FT COM Big accounting firms fail to track AI impact on audit quality, says regulator Financial Reporting Council finds some auditors als
KPMG fined £690k for ‘basic and fundamental’ audit failings Therefore, the FRC said KPMG shouldn’t have signed the audit report while relying on Firm X’s work And while KPMG engaged with Firm X about independence, the FRC said the Big Four firm failed to “take any, or any proper, account of information that was given to them” about the independence and compliance with the ethical requirements