In this study, we propose the concept of artificial intelligence co-piloted auditing, emphasizing the collaborative potential of auditors and foundation models, such as LaMDA, DALL-E, and GPT-4, in the auditing domain. We imagine an audit setup where auditors' capabilities are enhanced through...

The ability to automatically extract information from the footnotes of financial statements simplifies access to critical information concerning public companies. However, extraction can be particularly challenging due to great variations in the filing structure and terminologies used....