As reported by Robert Wright at the Financial Times, EY has successfully tested an AI-powered system to detect accounting fraud at some of its UK-based clients. According to Kath Barrow, EY's UK and Ireland Assurance Managing Partner, the tool successfully identified fraud at two of the first ten companies checked.
Barrow described the system as a "co-pilot" for auditors. "All it's doing is saying: This is something you should explore further," she said. "It focuses our efforts to understand more."
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