A senior regulator has pushed back against fears that artificial intelligence will take over the auditing profession, emphasizing that human judgment remains irreplaceable. Richard Moriarty, chief executive of the Financial Reporting Council, stated that while AI is transforming the industry, it cannot replicate the core value auditors provide—critical thinking and professional skepticism.
Moriarty explained that every technological shift has historically automated routine, low-level tasks in auditing, and AI is no different. However, this evolution forces the profession to “reinvent” itself by focusing on higher-value work. The essential role of auditors—challenging management decisions, interpreting complex information, and making nuanced judgments—remains beyond the reach of machines.
At the same time, the rise of AI is introducing new risks, particularly in the form of AI-driven fraud and increasingly sophisticated data manipulation. This makes the auditor’s role even more critical, as professionals must adapt to detect and respond to these evolving threats. Rather than replacing auditors, AI is raising the stakes, requiring stronger skills, deeper scrutiny, and greater accountability.
Ultimately, the regulator stresses that responsibility cannot be delegated to algorithms. While AI can support processes, accountability must remain with humans who design, deploy, and oversee these systems. The article concludes that the future of auditing will be shaped not by replacing people with AI, but by combining advanced technology with human expertise to maintain trust and integrity in financial reporting.
