The digital revolution is reshaping industries across the globe and the field of internal audit is undergoing significant transformation due to advancements in artificial intelligence (AI).

The way internal audits are delivered will change significantly in the next 3 to 5 years through the use of AI. The transformational benefits of AI are well established and as business assurance specialists the company is actively enhancing its digital capabilities through the use of AI to streamline the audit process, and add value to clients. As part of Knowledge Transfer Project (KTP) which is a collaboration between TIAA the University of Essex and partly funded by Innovate UK we are developing our AI capabilities by developing products which will be of significant value.

Challenges, risks and required action

The use of AI and its integration into internal audit is not without its challenges which include bias, data privacy and security. Organisations developing their AI capabilities and systems should ensure that they are compliant with the data protection regulations and have in place adequate and effective security measures to safeguard against breaches.

Adsure Services PLC, in partnership with TIAA Ltd, have specialist advisory services to assist organisations in developing appropriate safeguards to manage the risks associated with the use of AI. Feel free to speak to our Digital Advisory team to better understand how we can help.

Click the link  to read further- AI and Internal Audit

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