Let AI aid IA: Artificial intelligence can transform the internal audit
Internal audit has evolved significantly over the decades as a business process, transitioning from being just a compliance-driven function to a strategic partner focused on managing risks, enhancing governance and improving business efficiency. AI offers significant opportunities to revolutionize IA by automating routine tasks, improving accuracy and enhancing the overall effectiveness of the audit process. In IA, AI can be applied to various tasks, from automating repetitive procedures to enhancing predictive risk assessments, detecting fraud and providing real-time monitoring of other business processes, thereby reducing the risk of human error. AI can be used in each stage of the audit process: Planning and risk assessment: AI can be used to analyse large data-sets, both internal and external, to identify emerging risks and prioritize high-risk areas for organizations. Over time, as AI tools become more advanced and integrated into audit workflows, IA functions will be better equipped to provide deeper insights, manage emerging risks and enhance overall audit quality, helping organizations navigate an increasingly complex risk landscape.
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