Last updated: 27 Jan 2025 02:00 Posted in:
Over half (53%) of workplaces in the audit and governance sector have now implemented GenAI tools in their day-to-day tasks, says a new survey from CareersinAudit.com.
The main reason holding back adoption by the other 47% in the sector is a lack of knowledge and understanding (cited by 39% in that group), according to recruiter’s ‘GenAI – Friend or Foe?’ survey.
Those who have adopted GenAI are seeing the benefits immediately, with 69% of respondents saying they have benefitted from improved efficiency in their work processes.
And it is in data analysis where AI is really proving its worth. Here AI is identifying anomalies, assessing risk, and generating reports with enhanced accuracy and speed. That does not mean, however, that there are not concerns about knowledge gaps, data quality, and interpretability of AI-generated outputs. Ethical and regulatory consideration remain another major hurdle.
Of the many readily available GenAI tools now at everyone’s disposal, CoPilot proved to be the most popular, used by 38% of respondents.
ChatGPT was second (28%), various others including LLMs, Gemini and GitHub accounted for 23% of the overall responses, and custom-made tools made up the remaining 11%.
According to industry forecasts, the adoption of GenAI tools will reach near-universal levels in the next three years, with the pace varying from region to region.
Currently, North America leads the way, with 39% of companies using AI in financial reporting.
Contrary to fears of job displacement, GenAI is largely viewed as a career enhancer, with 71% of professionals believing that GenAI does not threaten their job security.
With a whopping 88% of those surveyed actively using GenAI for career development purposes, particularly refining their CVs and conducting research.
Simon Wright, Director of CareersinAudit, said: “It’s intriguing to see how AI has affected the audit and governance industry, in particular, how widespread the use of the technology has become.
“The fact that lack of knowledge and understanding is the main reason companies are holding back on implementing AI suggests that if the training needed is rolled out, in a year’s time we could be looking at a much higher percentage.
“It is clear there is a huge appetite to adopt GenAI tools in the audit and governance sector, it’s simply a matter of educating staff and employers on how to harness it.”
View the SurveyIt is clear there is a huge appetite to adopt GenAI tools in the audit and governance sector, it’s simply a matter of educating staff and employers on how to harness it.”
Simon Wright, Director of CareersinAudit