Artificial Intelligence

Considerations for the profession of internal audit

Artificial intelligence (AI) is a broad term that refers to technologies that make machines “smart.” Organizations are investing in AI research and applications to automate, augment, or replicate human intelligence — human analytical and/or decision-making — and the internal auditing profession must be prepared to fully participate in organizational AI initiatives.

It is critical that internal auditors pay attention to the practical application of AI in business, and develop competencies that will enable the internal auditing profession to provide AI-related advisory and assurance services to organizations in all sectors and across all industries.

AI is dependent on big data and algorithms, and it can be intimidating, especially for internal audit activities and organizations that have yet to master big data. But internal auditors do not have to be data scientists or quantitative analysts to understand what AI can do for organizations, governments, and societies at large.

This paper:

  • Presents an overview of AI basics.
  • Explores internal audit’s roles in AI.
  • Discusses AI risks and opportunities.
  • Introduces a framework for internal auditors (the Framework).

This paper is Part I of a three-part series. Parts II and III will provide more detailed information on and practical application of the Framework.

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