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<p>The Financial Reporting Council has conducted outreach with its regulated communities,
establishing a Technology & Digital Steering Group, publishing work on the use
of technology and committing to “promote improvement and innovation”. Overall, its
view is that use of artificial intelligence and machine learning tools by those for
which it has regulatory responsibility presents potential opportunities for quality
improvements, though there are risks which require mitigation. The FRC continues to
work on initiatives to support the safe use of these tools by audit firms, based on
the principles in the Government's March 2023 white paper, “AI regulation: a pro-innovation
approach”.</p>
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