EY's innovative use of AI in detecting audit frauds sparks debate Really interesting article - to summarise; EY has successfully implemented AI in its audit processes, leading to the detection of fraud in two out of the first 10 evaluated companies. The AI system, named EY Helix GL Anomaly Detector (Helix GLAD), efficiently analyses large datasets, transforming auditing by enhancing accuracy and reducing the risk of financial irregularities going unnoticed. The system's benefits include speed, objectivity, and reliability in fraud detection. Challenges include integration into existing systems, continuous monitoring for evolving fraud patterns, and the need for regulatory approval. The industry remains divided on AI's reliability, emphasising the importance of gaining auditors' trust. #astrumsearch #aiadvancements #EY https://lnkd.in/eAp6_Xma
