Auditors must have a refined skill set to be successful. Much of the training and education surrounding auditing focuses on the mechanics of auditing. One of the best examples of Artificial Intelligence put to use in audit accounting is in the review of high volumes of texts such as the contracts.
Natural language processing (NLP) is a part of the artificial intelligence domain focused on communication between humans and computers. NLP attempts to address the inherent problem that while human communications are often ambiguous and imprecise, computers require unambiguous and precise messages to enable understanding.
The accounting, auditing and finance domains frequently put forth textual documents intended to communicate a wide variety of messages, including, but not limited to, corporate financial performance, management's assessment of current and future firm performance, analysts’ assessments of firm performance, domain standards and regulations as well as evidence of compliance with relevant standards and regulations.
Natural language processing is used to mine these documents to obtain insights, make inferences and to create additional methodologies and artefacts to advance knowledge in accounting, auditing and finance.