How AI is Transforming and Disrupting Audit

02/22/24 • 56 min

Earmark Podcast | Earn Free Accounting CPE

Rob Valdez joins Blake to discuss how artificial intelligence and generative chatbots like ChatGPT could automate routine audit tasks. They also explore the potential to train staff more effectively, save significant time on substantive testing, draft higher quality work, and some challenges around adopting these tools, such as security fears, poor system integration, and partners resistant to change.

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

Chapters

(00:53) - Rob Valdez Joins the Show to Talk About AI
(02:27) - What Does Rob Do and What Is His Background?
(03:35) - State of Artificial Intelligence in Audit
(05:21) - Exploring the Use of AI Chatbots
(08:55) - Potential of AI in Drafting Financial Statements
(12:16) - The Future of AI with Audit
(23:41) - Implications of AI on Audit Staff Roles
(29:14) - The Power of Automation and Teamwork
(31:00) - Challenges in Adopting AI in Firms
(33:36) - The Inefficiencies of Current Data Management
(35:53) - The Need for Integrated Systems
(39:40) - What Will Motivate Aduit Firms To Adapt?
(49:04) - The Possibility of Private Equity Getting Involved
(53:30) - The Importance of Self-Disruption
(54:59) - Thanks For Listening and How To Reach Rob

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Connect with Our Guest, Rob Valdez

LinkedIn: https://linkedin.com/in/rob-valdez
Twitter: https://twitter.com/robvaldezcpa

Learn more about Novogradac

Website: https://www.novoco.com/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Sponsor
ShareFile - https://earmarkcpe.promo/sharefile

Chapters

(00:53) - Rob Valdez Joins the Show to Talk About AI
(02:27) - What Does Rob Do and What Is His Background?
(03:35) - State of Artificial Intelligence in Audit
(05:21) - Exploring the Use of AI Chatbots
(08:55) - Potential of AI in Drafting Financial Statements
(12:16) - The Future of AI with Audit
(23:41) - Implications of AI on Audit Staff Roles
(29:14) - The Power of Automation and Teamwork
(31:00) - Challenges in Adopting AI in Firms
(33:36) - The Inefficiencies of Current Data Management
(35:53) - The Need for Integrated Systems
(39:40) - What Will Motivate Aduit Firms To Adapt?
(49:04) - The Possibility of Private Equity Getting Involved
(53:30) - The Importance of Self-Disruption
(54:59) - Thanks For Listening and How To Reach Rob

Sign up to get free CPE for listening to this podcast

https://earmarkcpe.com

Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guest, Rob Valdez

LinkedIn: https://linkedin.com/in/rob-valdez
Twitter: https://twitter.com/robvaldezcpa

Learn more about Novogradac

Website: https://www.novoco.com/

Connect with Blake Oliver, CPA

LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Previous Episode

Solving Accounts Payable Pain Points with MakersHub

Phong Ngo and Charley Howe join Blake to discuss how their accounts payable automation software is helping small and mid-sized manufacturers, construction companies, and other businesses capture detailed invoice data to enable precise job costing and reporting without expensive ERP implementations. Learn how starting with solving the accounts payable data entry pain point allows them to streamline workflows while accounting firms and their clients gain efficiency. They also highlight the benefits of the MakersHub partner program for accountants.

Sponsor
MakersHub - https://earmarkcpe.promo/makershub

Chapters

(00:00) - Solving Accounts Payable Pain Points with MakersHub
(00:53) - Welcome Charley and Phong from MakersHub to the show
(01:14) - What makes MakersHub different from other AP solutions?
(05:16) - The power of MakersHub's proprietary technology
(06:18) - Phong's journey from engineering to business
(09:14) - The limitations of solutions already on the market
(12:13) - The vision for MakersHub
(14:58) - Charley's journey from banking to startups
(20:13) - The evolution of MakersHub
(26:36) - Solving at the build level first
(34:29) - Which accountants and bookkeepers is MakersHub For?
(38:54) - Creating a product that creates value for accounting firms
(44:21) - How does an accountant or firm get started with MakersHub?
(46:49) - Thanks for listening and please reach out to learn more

Sign up to get free CPE for listening to this podcast

https://earmarkcpe.com

Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728

Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Connect with Our Guests:

Charley Howe

LinkedIn: https://www.linkedin.com/in/charles-howe-7a9816118
Facebook: https://www.facebook.com/MakersHub.aiOfficial/
Phong Ngo

LinkedIn: https://www.linkedin.com/in/phong-ngo

Learn more about MakersHub

Website: http://www.discover.makershub.ai/

Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/

Next Episode

The Future of QuickBooks

(Originally recorded on February 15, 2024 on Earmark Webinars+)

Hector and Blake recount a brief history of QuickBooks Desktop vs QuickBooks Online through the end of 2023, the state of Intuit’s current offers and posturing in the market, and where they think QuickBooks is moving into for 2024 and beyond.

Chapters