Audit 2.0: Is the profession ready for a future with AI?

Recent advancements in artificial intelligence (AI) and large language models (LLMs) present significant new challenges and opportunities for the accounting profession. In this article, we explore how AI is transforming the audit landscape. AI has the potential to enhance efficiency in audits by automating repetitive tasks, improving data analysis, expanding sampling capabilities, identifying irregularities, and generating predictive insights. However, we argue that professional skepticism remains essential when auditors employ AI tools. AI tools support the decision-maker but do not per se take over decision-making or the responsibility for the consequences of decisions. The nuances during the audit process and the interaction with clients and colleagues require input from humans. While AI will not replace auditors, accountants need to develop new skills to evaluate and validate audit algorithms effectively, ensuring that AI tools enhance decision-making reliability without compromising effectiveness.