Ms Aisling Kennedy:

There is very little use of AI yet in the accounting profession or in professional bodies, generally. There is a lot of talk but we are really only beginning to see the use of data analytics, which is a good step behind AI. We very much have a watching brief over the area. The key point to make is that using either data analytics or artificial intelligence is not a substitute for the quality of the procedures that auditors are obliged to undertake and nor will it be, in any way, a shortcut for the oversight provided either by the regulatory bodies or IAASA. People will need to be able to demonstrate their homework, and that is one of the challenges that exists in leveraging AI.

Mr. Prendergast may have more to add on this point. There is merit in it for large entities at the moment. Audit can only work on a sample basis and auditors will always try to choose their samples on a risk basis, but in the long run, it should be possible to test right across the datasets from the large companies. This should be an improvement but, as the Deputy says, there are potential pitfalls as well. We will certainly be keeping a very close eye on what emerges.