Artificial intelligence tools consider both internal and external information to an organization, thus helping auditors recognize emerging threats and intelligence that they haven’t yet considered
AI would help auditors to determine findings from all the transactions that might otherwise go unnoticed due to the large chunks of data manually
Additionally, COSO and Deloitte’s white paper, “ Realize the Full Potential of Artificial Intelligence ,” sets out a helpful five-step framework to follow when establishing an AI audit program: Establish a governance structure and identify a senior executive to lead the AI program and provide risk and performance oversight
As AI grows in importance and popularity, the role of internal auditors has evolved in lockstep to address a variety of new challenges that have yet to be fully anticipated
There are 2 primary aspects auditors should consider while performing the audit of AI applications: Compliance —Assess risk related to the rights and freedoms of data subjects
