Is it time to audit the value of artificial intelligence?

Clearing a path for AI

Digital and AI-driven processes can help internal audit teams introduce a higher level of quality, assurance, and productivity to your day-to-day operations. However, what roadblocks might impede AI implementation?

To help anticipate and manage delays, you can conduct a readiness check to assess your capacity for AI. Examine your team’s AI readiness with the following six questions.

How can GenAI accelerate the internal audit life cycle?

To help evaluate your organization’s readiness for GenAI, explore how the solution can bring value across the internal audit lifecycle:

• Risk assessment: GenAI can help auditors research and understand the risks of a specific industry.
• Plan development: Leaders can leverage GenAI to suggest scheduling and resource allocations based on known constraints, such as the number of staff, needed skills, and seniority.
• Engagement planning: Internal audit teams can use GenAI to suggest data sources and analytics tests based on their needs.
• Execution: Auditors can use GenAI to produce the initial draft of workpapers and conduct the first round of review and quality assurance.
• Reporting: Professionals can review reports, test for quality assurance, simplify language, and generate summaries with GenAI.

Perform more efficiently with AI

Internal audit leaders have already identified ways to apply AI to drive performance, from data management to reporting. Organizations can take their performance a step further with the right precautions, such as weaving controls and governance into the digital strategy This can help your internal audit function drive value with AI and keep risk at bay.