Status : Verified
| Personal Name | Tembreza, Kjell Ken Andaya |
|---|---|
| Resource Title | The future of Internal Audit (IA) function in the era of digital technology revolution with emphasis of leveraging artificial intelligence (AI): a technology foresight through scenario building |
| Date Issued | 20 June 2024 |
| Abstract | Leveraging Artificial Intelligence (AI) in Internal Audit (IA) may provide opportunities but also challenges. It may improve the internal audit workflow, efficiency, and effectiveness, and minimize certain risks. One of the outstanding benefits is to test the entire population rather than the long-standing manual and traditional approach of sampling. However, AI-IA (Artificial Intelligence-Internal Audit) integration must not only be effective in detecting and preventing fraud, but rather, it must correct and enhance certain processes that are not efficient and effective. Therefore, in supporting technological advancements, AI-IA integration is at the forefront of the big four firms around the globe. Due diligence is one of the keys for continuous adoption of AI in IA. This study was able to create three alternative future scenarios for the new IA function, unfolding that the future is AI-enhanced. However, human factor remains to be relevant for decision making purposes and there is a need of strong collaboration between the firms and its stakeholders. Moreover the strategies extracted from the scenario building stages is the continuous upskilling of internal audit professionals and pilot testing to foster a culture of innovation, deep understanding, and openness to technological changes. The first scenario is about the AI-IA continuous revolution in partnership with emerging technologies. It defines the future of the Internal Audit function in leveraging AI with the power of data analytics and machine learning tools, among others. It discusses the future look and brand-new internal audit processes on how AI can complement IA in executing internal audit engagements. This scenario entails that AI-IA integration may certainly happen in the future, transforming the life of an internal auditor. The second scenario talks about the necessity of upskilling the internal auditors to future proof the profession. It addresses the fear of auditors being replaced by AI in |
| Degree Course | Master of Technology Management |
| Language | English |
| Keyword | Internal Auditing; Artificial intelligence; Digital technology revolution; Technology foresight through scenario building; Big four auditing firms |
| Material Type | Thesis/Dissertation |
Preliminary Pages
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Category : P - Author wishes to publish the work personally.
Access Permission : Limited Access