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AI Training for Finance Professionals: Controls, Audit Trails and Numbers You Can Sign

Where AI Enters Finance: Close, Forecasting, Payables and Reporting

Quiz: Where AI Enters Finance: Close, Forecasting, Payables and Reporting

Why Financial Reporting Sets a Higher Bar on Automated Output

Quiz: Why Financial Reporting Sets a Higher Bar on Automated Output

Internal Control Over Financial Reporting When AI Is in the Chain

Quiz: Internal Control Over Financial Reporting When AI Is in the Chain

Audit Trails: Reconstructing How a Number Was Produced

Quiz: Audit Trails: Reconstructing How a Number Was Produced

Using Language Models on Contracts, Invoices and Disclosures

Quiz: Using Language Models on Contracts, Invoices and Disclosures

Extraction Errors and the Checks That Catch Them

Quiz: Extraction Errors and the Checks That Catch Them

Forecasting Models: Assumptions, Drift and Honest Ranges

Quiz: Forecasting Models: Assumptions, Drift and Honest Ranges

Fraud Detection Models and the Cost of False Positives

Quiz: Fraud Detection Models and the Cost of False Positives

Segregation of Duties When an Agent Can Move Money

Quiz: Segregation of Duties When an Agent Can Move Money

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Quiz: Why Financial Reporting Sets a Higher Bar on Automated Output

AI Training for Finance Professionals: Controls, Audit Trails and Numbers You Can Sign
Why Financial Reporting Sets a Higher Bar on Automated Output
Quiz: Why Financial Reporting Sets a Higher Bar on Automated Output

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Question 1 of 5

1. Question

What makes a misstatement ‘material’ in financial reporting?

Any error discovered by an auditor
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A misstatement that would influence economic decisions of users
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Any figure that appears in a statutory return
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Errors caused by AI systems rather than manual error
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Question 2 of 5

2. Question

Why does accounting standard ‘true and fair view’ constrain AI use in reporting?

It requires that all data be entered manually
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It requires that substance of transactions be assessed, not just mechanical recording
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It prohibits the use of any automated systems
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It only applies to cash accounts
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Question 3 of 5

3. Question

What does an external auditor typically expect to see for a material process involving AI?

No documentation, since AI is deterministic
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Evidence that the process design is sound and output has been tested and verified
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Only the model vendor's marketing materials
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Annual attestation by the model provider
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Question 4 of 5

4. Question

How does the EU AI Act (in force 2 February 2025) affect financial services AI?

It bans all AI use in finance
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It classifies certain finance applications as high-risk and imposes stronger governance
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It only applies to retail banks
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It does not apply to reporting processes
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Question 5 of 5

5. Question

Which financial reporting area is most appropriate to keep entirely under human decision-making?

Invoice vendor validation
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Revenue recognition classification based on contract terms
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Duplicate invoice detection
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Expense categorisation of standard transactions
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