How AI can help accountants with auditing 

In the ever-evolving landscape of accounting and auditing, artificial intelligence (AI) offers transformative tools to enhance efficiency and accuracy. In this article, we explore what’s possible with Thomson Reuters CoCounsel Audit, showcasing how it eases workflows, improves data accuracy, and supports risk assessment and compliance. 

How exactly can AI help accountants in audit work?

In audits, AI can streamline repetitive tasks like data entry, catch errors faster, and even help assess risk more accurately. CoCounsel Audit excels at data extraction, helping you identify the information that really matters. You’re still the expert; AI just helps you get to the important stuff more efficiently. 

Can AI help speed up basic data entry and reconciliation in audits? 

AI excels here. For instance, CoCounsel Audit from Thomson Reuters automatically reads and extracts data from source documents, cross-checks it against client records, and helps ensure completeness and accuracy. That means fewer manual tasks, fewer errors, and faster closings. 

Can AI help identify fraud during an audit?

That’s where AI shines and can help you spot something unusual in a sea of transactions. Human auditors rarely have time to review 100% of their transaction data, but developments in AI are helping auditors identify anomalies and unusual patterns. 

How can AI help with an audit risk assessment? 

A professional AI audit tool like CoCounsel Audit enhances risk assessment by identifying unusual entries, transaction inconsistencies, or missing supporting documentation. It supports your professional judgment with deeper insights across the entire dataset—not just a sample. 

Can AI help auditors evaluate internal controls? 

Absolutely. CoCounsel Audit uses AI to find behaviors or transactions that may indicate breakdowns in controls. CoCounsel equips users with the authoritative guidance to assist with the treatment of deviations and flagged items. 

How would AI be used in journal entry testing?

That’s traditionally very time-consuming, but CoCounsel Audit automates much of this. Instead of selecting a small sample, it reviews journal entries in bulk and highlights those that fall outside of expected parameters — such as round-dollar amounts, weekend postings, or those missing support. 

Can AI help auditors with substantive testing?

Yes. CoCounsel Audit helps you perform more targeted substantive testing by identifying transactions that merit closer inspection based on materiality, frequency, or inconsistencies. It narrows the field, so you spend time on what matters most. 

Could AI be used in going concern evaluations?

Yes, it can support your professional judgment call. AI can flag early indicators like sharp revenue drops or increased liabilities that you might want to explore further in your going concern analysis. 

Can AI help auditors with compliance monitoring?  

Definitely. CoCounsel Audit helps identify transactions that may fall outside of standard policy or regulatory norms. It supports proactive compliance by continuously scanning for potential issues. 

How can AI help with audit documentation? 

It’s a pain to make audit documentation airtight for inspections, but AI makes it much easier. CoCounsel Audit organizes your findings, sources, and flagged issues in a way that aligns with your firm’s methodology, helping you create a clear, review-ready audit trail. 

Can AI help auditors with document review? 

Sifting through contracts and agreements is one of the strengths of CoCounsel Audit. It uses advanced natural language processing (NLP) to identify key clauses, missing documentation, and inconsistent wording — so you can get through document review faster and more confidently. 

Are AI-driven predictive analytics a reality for auditors yet? 

We’re getting there. While CoCounsel Audit isn’t a full predictive analytics engine, it does help identify leading indicators and unusual activity trends that can inform future-focused advisory services.  

Can AI help smaller accounting firms get into continuous auditing? 

Yes, big firms aren’t necessarily going to have a monopoly on this anymore. CoCounsel Audit brings continuous auditing within reach, which can mean fewer surprises for you and more proactive service to your clients. 

How does AI affect audit sampling? 

AI changes the game. CoCounsel Audit allows you to review entire populations and focus on higher-risk items — so you’re sampling less and testing smarter. One firm reported a 50% reduction in time spent on sampling and data collection. 

With all this automation, am I just becoming a supervisor for a machine? 

Not at all. AI doesn’t replace your expertise — it amplifies it. With CoCounsel Audit, you remain in control. It’s a transparent assistant, surfacing what’s important and helping you make better-informed decisions faster. 

How can I convince others at my firm to adopt AI for audit work? 

The best approach is to demonstrate quick wins. CoCounsel Audit was designed for smooth adoption — minimal training, quick integration, and rapid results. When colleagues see faster closings, clearer documentation, and fewer audit headaches, they’ll get on board. 

What are CoCounsel Audit users saying about the product? 

They’ve told us CoCounsel Audit has saved them significant time in testing and documentation. According to a pilot program user at Plante Moran, a U.S. audit, tax consulting, and wealth management firm, “AI integration elevates Plante Moran’s efficiencies and future-proofs various audit practices.” And because CoCounsel is powered by Thomson Reuters, you’re working with a trusted name in audit technology. That peace of mind matters. 

With AI at your side, you’ll not only keep up — you’ll lead the way in your profession. Firms that combine professional expertise with tools like CoCounsel Audit deliver deeper insights, reduce risk, and create more value for clients. You’re already a great accountant. CoCounsel Audit just helps you go further. 

To learn more or schedule a demo, visit Thomson Reuters CoCounsel Audit.