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"Understanding AI's Place in Internal Audit: 4 Real-World Use Cases"

Discover how leading functions have embraced AI and their tips for success in this guide.

When ChatGPT was released in late 2022, it launched generative AI into the mainstream consciousness nearly overnight. Now countless organizations are using it (and similar tools) to improve efficiency, productivity, and competitive edge. For internal auditors well attuned to risk, there is understandably some hesitancy to adopt AI — despite identifying technology as “the single driver that will have the greatest impact on internal audit in the next 10 years,” according to the Internal Audit Foundation’s Internal Audit Vision 2035: Creating Our Future Together report.

In the same report, 74% of respondents said they consider the adoption and implementation of AI to be of utmost importance to the profession in the future. This data illustrates that internal audit practitioners recognize AI’s potential to transform the profession, yet they report limited progress in adopting the technology. However, it would be misleading to suggest that the development of AI’s potential within internal audit is not occurring.

To gain a greater understanding of how AI is playing a role in internal audit and gain inspiration for your own audit transformation, explore four in-depth use cases spanning finance, manufacturing, and technology in this ebook. The leaders interviewed share how they got started with AI, which areas they’re using it for, and the lessons learned along the way, including leveraging AI to:

- Help expand risk control matrices
- Develop first-time audit programs
- Identify potential risks, root causes, or countermeasures in varied department scenarios.
- Analyze financial statements
- Draft initial finding impact statements and remediation action plans.