Technology-assisted analysis
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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.
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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."
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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 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."
