Evidence and documentation
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Evidence and documentation Documenting AI-prepared work
The UK's Financial Reporting Council Says Investigation Subjects Must Be Ready to Identify, Explain and Justify Their Use of AI
In its Annual Enforcement Review of July 2026, the Financial Reporting Council says it anticipates extensive scrutiny of the use of AI in financial reporting, audit and actuarial work in the year ahead, and lists "use of AI" among the communication channels in its advice on firms' data retention policies.
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Evidence and documentation Documenting AI-prepared work
Australia's Fair Work Commission Says People Who Use Generative AI to Help Prepare a Document for One of Its Cases Must Say So, Check It and State That They Did
A guidance note of the Fair Work Commission, published on August 24, 2026 and commencing on October 20, sets requirements for anyone who uses generative AI to help prepare a document to be lodged in one of its cases, and says the checking "must be done by a person."
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Evidence and documentation Testing the data and the tools
When a Tool Is the Primary Source of Audit Evidence: Canada's Audit Regulator on Technology in Audits, October 2025
In October 2025, Canada's audit regulator reported examples of deficiencies it identified when a technology-assisted audit tool "provided the primary source of audit evidence." In one, procedures to test completeness and accuracy were limited to the transactions the tool identified as higher risk or outliers.
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Evidence and documentation Documenting AI-prepared work
Such That Another Professional Can Understand: Australia's Auditing Standard Setter on AI Audit Tools, July 2025
In July 2025 Australia's Auditing and Assurance Standards Board set out considerations for auditors who use AI tools. Among them is documentation "Such that another professional can understand" the matters the page lists, including the design and use of the tool.
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Evidence and documentation Testing the data and the tools
Functions as Intended: The FRC's Review of How Audit Firms Certify Their Automated Tools, June 2025
In June 2025 the UK's audit regulator published its review of how the six largest audit firms certify the automated tools their auditors use, a snapshot of the firms' processes as they described them in 2024. It found no formal monitoring by the firms "to quantify the audit quality impact of using ATTs," though their use "may sometimes be captured in other activities such as root cause analysis."
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Evidence and documentation Documenting AI-prepared work
What Should Be Found on the File: The UK Audit Regulator's Guidance on Documenting AI Tools, June 2025
In June 2025, the UK's Financial Reporting Council published an illustrative example and guidance on documenting tools that use AI in audits. The guidance "sets out expectations on what should be found on the file, and what can reasonably be documented centrally."
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Evidence and documentation Testing the data and the tools
Analyzing Information in Electronic Form: The SEC's Approval of the PCAOB's Amendments on Technology-Assisted Analysis, August 2024
On August 20, 2024, the Securities and Exchange Commission approved amendments to the PCAOB's auditing standards on audit procedures that involve "analyzing information in electronic form with technology-based tools." They "will be effective for audits of financial statements for fiscal years beginning on or after December 15, 2025."
