As companies increase use of automation in financial reporting, regulators say they are taking a closer look to understand what is being done
From left, Public Company Accounting Oversight Board Chairman William Duhnke II and Financial Accounting Standards Board Chairman Russell Golden being interviewed by CFO Journal’s Tatyana Shumsky at the CFO Network in Washington, D.C. Photo: Ralph Alswang for The Wall Street Journal By Kimberly S. Johnson June 11, 2019 2:52 p.m. ET WASHINGTON—
FASB Chairman Russell Golden said he was “disappointed” that many software companies weren’t ready for new lease-accounting rules that went into effect this year. Accounting and audit tasks are being automated in an effort to free up employee capacity. A little more than one-third of finance tasks at large, global companies are already done through some form of automation or artificial intelligence, according to a 2018 study by Accenture Strategy, a unit of Accenture PLC. That figure is set to rise to 45% in 2021.
Newsletter Sign-up “First and foremost, we want to make sure that we’re not impeding technological innovation,” he said. “Then, of course we have a responsibility to make sure it’s not affecting the quality of the audit.”
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