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EY has successfully utilized artificial intelligence to detect audit fraud. The company tested a new AI system on the accounts of its UK audit clients, which identified two suspicious activities among the first ten companies tested. This demonstrates the potential of AI in enhancing audit quality and reducing workload; however, there are differing opinions among auditors on the level of reliance on AI, and regulatory bodies need to provide their views.

According to an EY survey, global CEOs are confused by the uncertainty surrounding generative AI. CEOs in the U.S. face pressure to deploy generative AI, but the uncertainty surrounding the technology puts them in a 'dilemma'. CEOs recognize the need to act swiftly regarding generative AI, but an equal proportion express that the uncertainty of the technology 'hinders' them.

International professional services leader EY announced a $1.4 billion investment to launch the EY.ai artificial intelligence integrated platform. The EY.ai platform consolidates a wide-ranging AI ecosystem designed to help clients accelerate the adoption and application of AI technology. EY has formed strategic alliances with tech giants such as Microsoft, Dell, IBM, SAP, and ServiceNow to leverage their AI platforms.