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A Fresh Look at Internal Audit Framework at the Age of Artificial Intelligence (AI).

2020
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Release : 2020
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Book Synopsis A Fresh Look at Internal Audit Framework at the Age of Artificial Intelligence (AI). by : HASSAN OMIDI FIROUZI

Download or read book A Fresh Look at Internal Audit Framework at the Age of Artificial Intelligence (AI). written by HASSAN OMIDI FIROUZI. This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt: With the rise of Artificial Intelligence (AI), industries embraced or are preparing to embrace its potentials. Financial industries, banking industry in particular, are unleashing and harnessing AI powers in various business lines and functional departments. However, similar to other initiatives, AI brings its own opportunities and challenges including various legal and compliance risks. Banks are required to understand this technology clearly and mitigate potential risks associated with the applications of these tools. Introducing sound and transparent measures to mitigate the potential risks entails new initiatives from various lines of defense within banks. In this paper, our focus is devoted to the third line of defense also known as Internal Audit (IA) function. As a current industry practice, effective challenges for different stages of an AI model from data access, collection and compliance, model development and validation, to the deployment and integration of the model within the established IT systems are performed by different teams within Internal Audit function. These teams do not necessarily look at the end-to-end process in a joint effort but rather perform in solos. This approach has successfully been running until today, however, with AI in place this approach will not be as effective and efficient as used to be. The main rationale underlying this statement is that with AI tools one cannot effectively challenge the data part of the model (or the IT deployment) without knowing sufficient information about the model. In this paper, we introduce a unified model-centric framework for Internal Audit function to enable the third line of defense to perform effective challenge for AI tools and technology in a smooth and unified way. In this approach, model team is responsible (not only for the model audit part), in collaboration with other teams, for the end-to-end audit process of AI tools.

Continuous Auditing with AI in the Public Sector

2024-09-18 Business & Economics
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Release : 2024-09-18
Genre : Business & Economics
Kind : eBook
Book Rating : 30X/5 ( reviews)

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Book Synopsis Continuous Auditing with AI in the Public Sector by : Lourens J. Erasmus

Download or read book Continuous Auditing with AI in the Public Sector written by Lourens J. Erasmus. This book was released on 2024-09-18. Available in PDF, EPUB and Kindle. Book excerpt: The effectiveness of internal audit activities is important for the sustainability of change in the public sector. In this sense, the tools and techniques used and the level of competencies of public sector auditors are decisive. This book deals with the effects of current technological developments in the public sector on auditing and risk management activities. Therefore, it is a resource for public internal auditors to create a digital audit strategy based on artificial intelligence (AI) and blockchain-based applications. Institutionalisation of their structures is important for public sector internal auditors. For this, basic requirements, future expectations, and best practices are explained. The digital business model is presented to produce value-added audit findings and outputs that guide public internal auditors and all digital-era stakeholders. This book is a pioneering work based on continuous auditing/continuous monitoring approaches using various AI and blockchain-based tools and techniques. There is nothing more valuable to the success of a public internal auditor than a detailed understanding of the business. The important lesson in developing business knowledge, especially in the new audit universe emerging with digital transformation, is that all auditors must understand that they never finish learning about business processes, risks, and control points in the digital era. They must constantly push themselves to be motivated and learn about the business operations they audit to implement new audit approaches powered by AI. In addition to obtaining up-to-date business information from process owners and stakeholders, public auditors responsible for conducting an AI-based continuous audit programme should also look inside their departments for a different perspective on business information that impacts continuous audit programme phase details and has the potential to add value. It should be noted that the additional source of information begins with your individual audit experience, digital skills, and qualifications.

Artificial intelligence and the future of the internal audit function

2024-09-02 Business & Economics
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Release : 2024-09-02
Genre : Business & Economics
Kind : eBook
Book Rating : 265/5 ( reviews)

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Book Synopsis Artificial intelligence and the future of the internal audit function by : Ph Zygoulis

Download or read book Artificial intelligence and the future of the internal audit function written by Ph Zygoulis. This book was released on 2024-09-02. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2024 in the subject Business economics - Revision, Auditing, grade: A, , language: English, abstract: This review work makes significant contributions to both theoretical and practical areas. For theory, it identifies unexplored study areas (research gaps), hence influencing future research orientations and theoretical underpinnings. Furthermore, this review contributes to the development of a theoretical framework (CACS), which will help stakeholders comprehend and conceptualize the use of AI in the IAF and can serve as a foundation for future research. In reality, this study assists internal auditors in assessing and understanding the possible benefits and risks of using AI in their organization's IAF.

The Digital Transformation of Auditing and the Evolution of the Internal Audit

2022-10-18 Business & Economics
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Release : 2022-10-18
Genre : Business & Economics
Kind : eBook
Book Rating : 127/5 ( reviews)

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Book Synopsis The Digital Transformation of Auditing and the Evolution of the Internal Audit by : Nabyla Daidj

Download or read book The Digital Transformation of Auditing and the Evolution of the Internal Audit written by Nabyla Daidj. This book was released on 2022-10-18. Available in PDF, EPUB and Kindle. Book excerpt: The main objective of this book is to provide both academics and practitioners with a global vision of the evolution of internal auditing in a fast-changing business landscape driven by digital transformation. Digital transformation has been first associated with the emergence and the development of new technologies (artificial intelligence, blockchain, cloud computing, data analytics, predictive analytics, robotic process automation, IOT, drones etc.). Beyond the technological dimensions, this transformation has several impacts on businesses, organizations and processes and raises several questions for auditing activities. This book explores how digitalization not only has an impact on the audit environment, but also on internal audit practices and methodologies, information technology (IT)/information system (IS) audit, IT governance and risk management. The auditing profession also has to face the same challenges. Auditors should develop new skills. To continue to provide high quality service in such an environment, the methodologies, the process and the tools used for conducting an audit have progressively changed from those applied to the traditional audit. Internal audit, as a key strategic function, must evolve too. Finally, the book also investigates the impact of the COVID-19 pandemic on internal auditing. The author highlights the need for a new vision and renewed forecasting tools. The post-COVID-19 business and corporate world has changed. Internal audit, as a key strategic function, must evolve too.

Organizational Auditing and Assurance in the Digital Age

2019-02-15 Business & Economics
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Release : 2019-02-15
Genre : Business & Economics
Kind : eBook
Book Rating : 577/5 ( reviews)

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Book Synopsis Organizational Auditing and Assurance in the Digital Age by : Marques, Rui Pedro

Download or read book Organizational Auditing and Assurance in the Digital Age written by Marques, Rui Pedro. This book was released on 2019-02-15. Available in PDF, EPUB and Kindle. Book excerpt: Auditing is constantly and quickly changing due to the continuous evolution of information and communication technologies. As the auditing process is forced to adapt to these changes, issues have arisen that lead to a decrease in the auditing effectiveness and efficiency, leading to a greater dissatisfaction among users. More research is needed to provide effective management and mitigation of the risk associated to organizational transactions and to assign a more reliable and accurate character to the execution of business transactions and processes. Organizational Auditing and Assurance in the Digital Age is an essential reference source that discusses challenges, identifies opportunities, and presents solutions in relation to issues in auditing, information systems auditing, and assurance services and provides best practices for ensuring accountability, accuracy, and transparency. Featuring research on topics such as forensic auditing, financial services, and corporate governance, this book is ideally designed for internal and external auditors, assurance providers, managers, risk managers, academicians, professionals, and students.

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