Revolutionizing internal audit: The power of AI and data analytics in audit execution

Artificial intelligence (AI) and data analytics present a transformative potential for internal audit (IA) departments. Despite promising to enhance efficiency, improve audit quality, and reduce costs over the long run, these technologies bring risks like data privacy and uncertainties about return on investment. Navigating these challenges requires robust governance, thoughtful stakeholder engagement, and strategic planning.

With these in place, IA departments can effectively manage arising risks while capitalizing on the capabilities of AI and data analytics. The technologies' ability to facilitate more sophisticated data analysis, detect complex trends, and enable proactive risk management underscores their value. Though integration may initially present obstacles, the promise of long-term benefits shines a spotlight on the inherent value of incorporating AI and data analytics into IA functions.

Implementing AI and data analytics has the potential to boost the efficiency and precision of technology IA teams. Five ways technology-driven IA teams can leverage AI and data analytics:

• AI enhances fraud detection by analyzing extensive financial data.
• Risk assessment is advanced by providing deeper insights.
• Continuous auditing benefits from AI through early issue identification.
• Audit planning is improved with automated risk evaluations.
• Routine IA tasks are automated to increase efficiency using AI.

Download our report to learn more about how AI and data analytics can revolutionize internal audit functions, manage potential risks, and strategically drive efficiency and productivity within your organization.