Artificial intelligence and internal audit function
The way of doing business is getting more complex than earlier because of technological advances and real time operation improvements; hence, companies need to employ AI and remain updated every time there are new advances (Libert et al., 2017). Nevertheless, because of various barriers related to AI implementation, many companies are not utilizing it (Ammanath et al., 2020). Currently, only large companies have easy access to AI. By applying it to their internal audit function, they gain a more competitive advantage.
AI is a mix of software and hardware that performs similarly to the human brain. Based on the available data, it can assess, decide, and perform complex judgment procedures. (Moffitt et al., 2018). It analyzes, examines, and processes a considerable amount of data, and uses this data to further refine the algorithm. By combining technical knowledge with interactive interview skills, project management skills, responsive intelligence, and logical thinking, the IAF can support AI in the early data feed (Ghahramani, 2015).
A robust structure of internal audit functions, policies, and guidelines is necessary to gain the full benefit…
