Artificial intelligence (AI) is widely regarded as one of the most meaningful technological advancements, especially in the evolution of audit, tax, and advisory services. While questions about governance, privacy, and reliability are valid, the opportunity is clear: when used responsibly, AI can help teams work smarter, identify risk faster, and deliver sharper insights—without replacing professional judgment.
Where AI Creates Value
Automating high-volume, repetitive tasks
One of the main advantages of AI is that it can automate repetitive tasks. AI can support automation across areas such as reconciliations, transaction matching, variance analysis, document review, and select components of internal control testing. The practical impact is simple: less time spent “processing,” and more time spent interpreting results, assessing risk, and advising stakeholders.
Expanding analytics beyond traditional sampling
AI enhances data analytics and visualization with advanced models that can analyze entire populations of transactions, identifying anomalies, trends, and emerging risks that would be difficult to detect through traditional sampling alone. When paired with visualization tools, these insights can be communicated more effectively to management and governance groups—strengthening the auditors, tax, and advisory professionals’ role as a trusted advisor.
Improving research and knowledge management with GenAI
Generative AI (GenAI) tools can accelerate research and knowledge management by summarizing standards, synthesizing regulatory guidance, and supporting draft documentation (e.g., memos, workpapers, and internal summaries). While these tools improve speed and accessibility of information, they retain value only when reinforced by human review and professional skepticism.
Responsible Use of AI
For AI to be a welcome development, clear controls must be in place. These include defined boundaries around data use, growing proficiency in prompt engineering, non-negotiable human oversight, and alignment with established control frameworks like the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) framework on the use of Generative AI which states “To ensure control activities remain transparent, repeatable, and auditable, organizations should document GenAI-related risk assessments, configurations, control designs, and testing results in proportion to their significance and regulatory exposure. Documentation should be sufficient to demonstrate what was evaluated, who approved it, and when it changed — but not so extensive that it undermines efficiency or scalability.” Together, these elements ensure that AI augments judgment rather than substitutes for it.
AI is not a replacement for auditors, tax, nor advisory professionals. It’s a force multiplier—supporting faster execution, deeper analysis, and more timely insights. The real advantage isn’t adopting AI quickly; it’s leveraging it wisely, with governance, transparency, and people at the center of the work.
About McConnell Jones
McConnell Jones is a nationally recognized CPA firm providing tailored audit & assurance, tax and accounting, and advisory services across a broad range of industries. The firm has been recognized on INSIDE Public Accounting’s (IPA) Top 300 list for four consecutive years and currently ranks No. 223 among more than 50,000 CPA firms nationwide. McConnell Jones is also in the Top 3% of firms performing Employee Benefit Plan (EBP) audits and is the largest majority African American owned public accounting firm in the U.S. With a client-first approach, McConnell Jones delivers comprehensive, high‑quality solutions and exceptional value. The firm offers strategic tax planning and advisory services to businesses, individuals, and high net worth families, and partners with corporations, nonprofits, higher education institutions, and government agencies to mitigate risk, ensure compliance, and achieve sustainable results through hands-on service and deep industry expertise.
For more information, please contact info@mjlm.com.
References
Binh, N. T. T. (2025). Transforming auditing in the AI era: A comprehensive review. Information, 16(5), 400. https://doi.org/10.3390/info16050400
Journal of Accountancy. (2024). What AI can do for auditors. https://www.journalofaccountancy.com/issues/2024/feb/what-ai-can-do-for-auditors/
Committee of Sponsoring Organizations of the Treadway Commission (COSO). (2026). Achieving effective internal control over Generative AI
