In a recent report called "Closing the AI trust gap: CPAs and AI assurance" from the Chartered Professional Accountants of Canada and the AICPA defined assurance over artificial intelligence (AI) systems while identifying opportunities for CPA-led assurance engagements.
The report said that the utilization of AI systems is quickly rising throughout all industries and geographies. But this accelerated adoption has caused considerable concerns. "Issues such as data privacy, algorithmic bias and lack of transparency are at the forefront of public concern. Consequently, mistrust in AI systems is at an all-time high," the report noted.
The report said that these challenges highlight the necessity for assurance over AI systems that can offer
the confidence in their "reliability, transparency, security, and integrity."
According to the report, CPAs have an increasingly significant role in providing services that build trust and confidence in AI systems—whether via assurance engagements or other advisory services—could have a "profound impact on bridging the trust gap that exists in the rapidly evolving landscape of artificial intelligence."
With AI systems getting more integrated into different sectors, the need for robust assurance engagements to address key issues— including data privacy, algorithmic bias and transparency—becomes critical.
The report also concluded that as AI assurance evolves, it is key that CPAs become active players in developing the criteria and assurance requirements for AI. Whether they are operating in the industry as a developer, deployer or user of AI, or in public practice, CPAs can utilize their valuable expertise as well as bring their beneficial perspectives to the table, according to the report.
Given the robust professional standards and expertise in delivering assurance and advisory services to meet the needs of organizations and users, the report stated that CPAs are in a unique position to offer valuable services to build trust and confidence in AI systems. In doing so, they can leverage the profession's longstanding standards and frameworks.
The AICPA stated that this report is part of a three-part series of papers on AI and the impact on the CPA profession.