Audit and assurance
-
Regulators and standard setters Audit and assurance
The FRC Says Some Audit Firms Are Now Deploying Generative AI to Perform Audit Procedures and Generate Audit Documentation
In its Annual Review of Audit Quality 2026, dated July 2026, the UK's Financial Reporting Council says some firms are deploying generative AI tools to perform audit procedures and generate audit documentation, plans a thematic review of how the largest firms govern its use, and says limited use of GenAI on audits was observed in the past year.
-
Regulators and standard setters Audit and assurance
Staff Guidance or Standard Setting: AI in the PCAOB's Request for Comment on Standard Setting, June 2026
On June 23, 2026, the Public Company Accounting Oversight Board asked for public comment on its standard-setting and research agendas and its approach to standard setting. On AI, it reported "no consensus" among earlier commenters on whether the matters should be addressed through staff guidance or standard setting, and asked whether there are "specific areas of the PCAOB's current standards" that are not "fit for purpose in an AI environment."
-
Regulators and standard setters Audit and assurance
The Auditor Owns the Outcome: Singapore's Accounting Regulator on Using AI Responsibly, October 2026
On October 2, 2026, Singapore's Accounting and Corporate Regulatory Authority issued practice guidance for auditors on using AI. "AI can assist, but the auditor owns the outcome," it says, and that responsibility "cannot be delegated to AI."
-
Regulators and standard setters Audit and assurance
Risks, Mitigations and Illustrative Examples: The FRC's Guidance on Generative and Agentic AI, March 2026
Guidance dated March 2026 from the UK's Financial Reporting Council takes up generative and agentic AI in audit. It is aimed at "the central technical teams within audit firms who are responsible for the development of generative and/or agentic AI tools and supporting methodology."
