AI Glossary for Audit and Finance Teams

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Reference guide for audit & finance teams
AI Glossary for Audit and Finance Teams

The audit profession is in the middle of a genuine technology shift. This glossary maps the terminology, from foundational AI concepts to the specific tools teams are actually using on engagements today.

Terms defined

Letters covered

FAQs answered

Reference guide for audit & finance teams
AI Glossary for Audit and Finance Teams

Frequently Asked Questions

Reference guide for audit & finance teams
AI Glossary for Audit and Finance Teams

Frequently Asked Questions

Reference guide for audit & finance teamsAI Glossary for Audit and Finance Teams

Agentic Verification

AI Agent / Agentic AI

AI Extractions

AI Governance

AI in Accounting

Artificial Intelligence (AI)

Audit Trail

Audit-Ready Output

Connected Agents

Continuous Auditing

Data Extraction

Data Governance

Disclosure Agent

Document Matching

Excel Agent

General IT Controls (GITCs)

Generative AI

Hallucinations (in Generative AI)

Human in the Loop (HITL)

IT Controls Testing

Large Language Model (LLM)

Machine Learning (ML)

Natural Language Processing (NLP)

Prepared By Client (PBC)

Responsible AI

SOX Controls Testing

Task-Based Automation

Test of Details

Frequently Asked Questions

How is AI actually used in audit work today?

Does AI replace auditors or finance professionals?

What is the difference between AI and automation?

Is continuous auditing required for all audits?

Can AI be used in regulated audit environments?

What risks should teams watch for when using AI?

How does data extraction improve audit efficiency?

What does human in the loop mean in practice?

Are AI outputs considered audit evidence?

How does responsible AI relate to audit standards?

Do auditors need technical skills to use AI tools?

How should firms evaluate new AI tools?

What is the difference between an AI agent and task-based automation?

What is an Excel Agent?

What does audit-ready output mean for AI-generated work?

Reference guide for audit & finance teamsAI Glossary for Audit and Finance Teams

Agentic Verification

AI Agent / Agentic AI

AI Extractions

AI Governance

AI in Accounting

Artificial Intelligence (AI)

Audit Trail

Audit-Ready Output

Connected Agents

Continuous Auditing

Data Extraction

Data Governance

Disclosure Agent

Document Matching

Excel Agent

General IT Controls (GITCs)

Generative AI

Hallucinations (in Generative AI)

Human in the Loop (HITL)

IT Controls Testing

Large Language Model (LLM)

Machine Learning (ML)

Natural Language Processing (NLP)

Prepared By Client (PBC)

Responsible AI

SOX Controls Testing

Task-Based Automation

Test of Details

Frequently Asked Questions

How is AI actually used in audit work today?

Does AI replace auditors or finance professionals?

What is the difference between AI and automation?

Is continuous auditing required for all audits?

Can AI be used in regulated audit environments?

Reference guide for audit & finance teams
AI Glossary for Audit and Finance Teams

Reference guide for audit & finance teams
AI Glossary for Audit and Finance Teams