How can AI help in detecting fraud during audits?

How can AI help in detecting fraud during audits?

AI can analyze large datasets to identify unusual patterns and anomalies that may indicate fraud.

What specific techniques does AI use for fraud detection?

Techniques include machine learning algorithms, anomaly detection, and predictive analytics to spot irregularities.

Can AI reduce the time needed for audits?

Yes, AI can automate data analysis, significantly speeding up the audit process and improving accuracy.

Are there any limitations to using AI in audits?

Yes, limitations include the need for quality data, potential biases in algorithms, and the requirement for human oversight.