AI meets Internal Controls over Financial Reporting (AiCFR)

Internal Control over Financial Reporting (ICFR) continues to be a key focus for international and regional regulators, and a critical part of the Chief Financial Officer (CFO) responsibilities to ensure that financial statements are accurate and free from material misstatement.

As the cost of compliance (and non-compliance) reaches new heights and the complexity to curate insights from the vast volumes of data from the digitization of finance functions increases, many organizations are now taking a serious look at how Artificial Intelligence (AI) can improve their internal control frameworks.