Deloitte has officially announced a series of new artificial intelligence (AI) capabilities within Omnia, which happens to be Deloitte’s global cloud-based audit and assurance platform, geared towards evolving the audit and assurance experience
Talk about the given capabilities on a slightly deeper level, we begin from the promise of enhanced documentation review. This translates to how Deloitte will leverage GenAI capabilities to perform initial reviews of audit documentation, as well as suggest enhancements for clarity and consistency.
Next up, Deloitte brings to the fore an improved brand of navigation for your financial statements. Here, auditors can basically can come expecting to explore relevant information in uploaded draft financial statements; all while enjoying a facility to ask nuanced questions regarding statement content and streamline tie-out procedures.
“With the rapid advancement of AI technology, the audit profession is undergoing an exciting transformation,” said Dipti Gulati, chief executive officer, U.S. Audit & Assurance at Deloitte. “Continuing our efforts to integrate increasingly advanced, adaptive technologies into our audit platform has been a critical investment, enabling our auditors to deliver against rising demands in the profession with agility, while maintaining our commitment to quality and trust.”
Another detail worth a mention relates to the availability of fully-optimized optimized data extraction processes. Again leveraging the power of GenAI, the stated innovation can seamlessly summarize information across documents. This, in turn, should make it possible for auditors to unlock richer insights and reach conclusions more efficiently.
Moving on to advanced drafting capabilities, they bank upon a GenAI-powered workflow to create first drafts of audit-related communications and accounting memos.
Complementing that would be an assortment of enhanced research capabilities. These capabilities, accessible from within Deloitte’s audit and accounting research platform, can deliver timely responses to auditor research questions. On top of that, they can even synthesize challenging accounting topics so to reach upon new insights.
Rounding up highlights would be the potential for proactive risk management. For better understanding, Deloitte is currently working on a risk identification technology which is going to evaluate external information sources for risk events, while simultaneously identifying potential audit risk factors.
“Our auditors’ talent and industry-leading perspectives are at the forefront of our audit approach,” said Chris Griffin, U.S. Audit & Assurance talent and transformation leader at Deloitte. “Building upon over a decade of investment in advancing our global Omnia platform, these new capabilities blend the knowledge and experience of our professionals with tools designed to empower experienced auditors to navigate increasing demands in the profession and keep pace with technological transformation.”
Among other things, it ought to be acknowledged that Deloitte will embed these intelligent agent capabilities into the Omnia ecosystem as digital specialists capable of performing specific tasks, remembering relevant information, and coordinating with other agents to form an interconnected system.
Since starting out its journey in 2015, Omnia has consistently conceived a high quality, tailored audit experience adapted to meet a myriad of different challenges. The technology’s excellence in what it does can also be considered once you consider, last year, Deloitte’s Omnia was also recognized with the inaugural “AI Innovation Initiative of the Year” award at the International Accounting Forum and Awards.
Making this development even more significant would be Deloitte’s own stature. You see, the consultancy giant currently serves nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies.
“The rapid pace of technological advancement and increasing complexity across business environments demands a continued commitment to digital change within our business,” said Will Bible, U.S. Audit & Assurance digital transformation and innovation leader at Deloitte. “We are excited to be at the forefront of efforts to leverage the latest AI technology in audit and assurance processes, forging an innovative approach to work that marries a network of adaptive, cross-functional AI tools with the skills of our talent.”
has officially announced a series of new artificial intelligence (AI) capabilities within Omnia, which happens to be Deloitte’s global cloud-based audit and assurance platform, geared towards evolving the audit and assurance experience
Talk about the given capabilities on a slightly deeper level, we begin from the promise of enhanced documentation review. This translates to how Deloitte will leverage GenAI capabilities to perform initial reviews of audit documentation, as well as suggest enhancements for clarity and consistency.
Next up, Deloitte brings to the fore an improved brand of navigation for your financial statements. Here, auditors can basically can come expecting to explore relevant information in uploaded draft financial statements; all while enjoying a facility to ask nuanced questions regarding statement content and streamline tie-out procedures.
“With the rapid advancement of AI technology, the audit profession is undergoing an exciting transformation,” said Dipti Gulati, chief executive officer, U.S. Audit & Assurance at Deloitte. “Continuing our efforts to integrate increasingly advanced, adaptive technologies into our audit platform has been a critical investment, enabling our auditors to deliver against rising demands in the profession with agility, while maintaining our commitment to quality and trust.”
Another detail worth a mention relates to the availability of fully-optimized optimized data extraction processes. Again leveraging the power of GenAI, the stated innovation can seamlessly summarize information across documents. This, in turn, should make it possible for auditors to unlock richer insights and reach conclusions more efficiently.
Moving on to advanced drafting capabilities, they bank upon a GenAI-powered workflow to create first drafts of audit-related communications and accounting memos.
Complementing that would be an assortment of enhanced research capabilities. These capabilities, accessible from within Deloitte’s audit and accounting research platform, can deliver timely responses to auditor research questions. On top of that, they can even synthesize challenging accounting topics so to reach upon new insights.
Rounding up highlights would be the potential for proactive risk management. For better understanding, Deloitte is currently working on a risk identification technology which is going to evaluate external information sources for risk events, while simultaneously identifying potential audit risk factors.
“Our auditors’ talent and industry-leading perspectives are at the forefront of our audit approach,” said Chris Griffin, U.S. Audit & Assurance talent and transformation leader at Deloitte. “Building upon over a decade of investment in advancing our global Omnia platform, these new capabilities blend the knowledge and experience of our professionals with tools designed to empower experienced auditors to navigate increasing demands in the profession and keep pace with technological transformation.”
Among other things, it ought to be acknowledged that Deloitte will embed these intelligent agent capabilities into the Omnia ecosystem as digital specialists capable of performing specific tasks, remembering relevant information, and coordinating with other agents to form an interconnected system.
Since starting out its journey in 2015, Omnia has consistently conceived a high quality, tailored audit experience adapted to meet a myriad of different challenges. The technology’s excellence in what it does can also be considered once you consider, last year, Deloitte’s Omnia was also recognized with the inaugural “AI Innovation Initiative of the Year” award at the International Accounting Forum and Awards.
Making this development even more significant would be Deloitte’s own stature. You see, the consultancy giant currently serves nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies.
“The rapid pace of technological advancement and increasing complexity across business environments demands a continued commitment to digital change within our business,” said Will Bible, U.S. Audit & Assurance digital transformation and innovation leader at Deloitte. “We are excited to be at the forefront of efforts to leverage the latest AI technology in audit and assurance processes, forging an innovative approach to work that marries a network of adaptive, cross-functional AI tools with the skills of our talent.”