Are you using AI in your audit process? How so?
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SVP Corporate Audit in Energy and Utilities10 months ago
At the moment we have a use case where we have utilised it in parts of report writing. We are developing this further to get to a stage where AI will write the first draft of the report based solely on the leadsheet. We are also looking to develop other use cases to improve the audit process itself and particualry the analysis and interpretation of big data. VP of Finance10 months ago
Not at this timeVP of Finance8 months ago
Not currently, but it's a discussion point for the future.Oracle ERP System Analyst / Accounting Manger in Retail8 months ago
Our company is not yet using AI in our audit process, but I do know that the head of our internal audit team has been talking about using tools such as IDEA or Monarch data analysis software or something similar that an internal auditor can upload GL or other transactional information and it finds insights and patterns where they may be risks and ultimately provides transactions to look at more closely. I don't believe my company is at the point where we are sophisticated enough to know what else is out there outside of data analysis software.The more AI is used by an organization to help identify anomalies or patterns necessary to document risk assessments and determine audit samples and ultimately mine for transactions to test; the more we need to make sure as an organization that we understand how the software is pulling our data so we know the limitations and plan accordingly.
I would love to see more companies sharing specific examples of how they use these new tools to improve their processes and what they do to understand the limitations of their software and mitigate risks of over-reliance on it or misunderstanding the results.
Director of Finance8 months ago
Not currently, but we are exploring tools that could read agreements and provide insights based on pre defined criterias.