Will AI Render Auditors Obsolete?

Abstract

In this era of artificial intelligence, automation is permeating every sector, including the audit process. However, a key question remains: will AI ultimately replace humans in auditing? In his blog post "All eyes on: Transforming the Audit with AI," Sebastian Stockle, Head of Innovation & Global Audit for KPMG International, delves into this issue, discussing various aspects of implementing AI into audit procedures and exploring its potential for success. In this paper, we will investigate the potential impact of Artificial Intelligence (AI) on the auditing profession through a comprehensive Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. By examining the inherent advantages and limitations of AI within the context of audit processes, we aim to answer the intriguing question: Can AI completely eliminate the need for human auditors?