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Our Conversations on Fraud series explores the impact of artificial intelligence in forensic accounting investigations during Fraud Awareness Week.
November 21, 2024
Managing Director, Forensics and Litigation Services
Partner, Forensics & Litigation Services
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Fraud Awareness Week: Conversations on Fraud
Victor Padilla and Tim Mohr from Weaver’s Forensics and Litigation team discuss the impact of artificial intelligence (AI) in forensic accounting investigations in this episode of Weaver: Beyond the Numbers.
Key Points:
- Artificial intelligence in forensic accounting investigations enhances efficiency, accuracy and effectiveness through tasks like data classification, anomaly detection and risk assessments.
- AI tools can quickly pre-screen and summarize key documents in forensic accounting matters, providing insights into large document productions and content-intensive datasets.
- Challenges in implementing AI for forensic accounting applications include data quality and availability, investment costs in technology and training, data privacy and security concerns, ethical considerations and the need for continuous upskilling of staff.
Speaking to benefits and concerns, Victor noted, “Despite all of these challenges, the potential for AI to enhance forensic accounting activities … still makes it a valuable tool for organizations willing to invest in overcoming these challenges.”
Subscribe and listen to future episodes of Weaver: Beyond the Numbers, on Apple Podcasts or Spotify.
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