Deloitte Australia’s recent admission of using artificial intelligence in a $440,000 government report serves as a stark reminder of the potential pitfalls of tech adoption in critical sectors. The report, which was riddled with errors, including fabricated academic references and a nonexistent quote from a Federal Court judgment, raises serious questions about the reliability of AI-generated content in professional settings. In an age where AI tools are increasingly integrated into business processes, this incident underscores the importance of human oversight and rigorous fact-checking.

The Big Four accountancy firms—Deloitte, EY, PwC, and KPMG—are stepping into a groundbreaking arena by launching AI assurance services. As companies increasingly rely on artificial intelligence for critical operations, the demand for audits that verify the effectiveness and safety of these AI systems is skyrocketing. This shift not only represents a significant evolution in the auditing landscape but also opens up new revenue streams for these firms, reminiscent of their earlier ventures into environmental, social, and governance (ESG) metrics.