The use of artificial intelligence (AI) in internal audit isn’t about replacing people; it’s about making the job smarter and easier.
With the right AI tools, auditors can increase the value of their work, including their existing skillsets.
Here are the 5 practical applications of AI in internal audit.
1. Automated data analysis for stronger risk checks
Auditors no longer need to rely only on samples. With AI, you can review entire datasets and uncover risks that might be hidden outside random picks. It’s accurate, efficient, and helps ensure no red flag slips through unnoticed.
2. Real-time monitoring instead of waiting for reviews
Traditional audits often catch problems too late. AI changes this by monitoring processes and transactions in real-time. Through this, auditors can spot unusual activities, suspicious approvals, or mismatched records in real time thus, giving them a chance to act before damage happens.
3. Smarter and faster document reviews
AI speeds up the tiring process of scanning documents using its natural language processing (NLP) feature. Unlike humans who need to manually read and review papers, AI is capable of understanding context and spotting inconsistencies.
The result? Auditors can focus more on generating insights and decisions rather than spending days reading documents.
4. Predictive analytics for fraud detection
Spotting fraud is tough because the clues are scattered. AI makes it easier by analyzing patterns across all data and flagging suspicious activities. It also learns from past cases, which allows it to predict and warn about potential risks in advance.
5. Automated compliance testing
Checking compliance by hand takes forever and leaves room for inconsistencies. AI automates these tests, flags violations, and applies the same rules to every transaction. This saves time, ensures fairness, and lets auditors focus on investigating real concerns.
It’s time to build a smarter audit process
AI in auditing takes care of the heavy lifting so auditors can spend more time solving problems and guiding decisions.
If you’re looking for audit professionals who are adept at using AI in streamlining the internal audit process, D&V Philippines is here to help.
Message us at marketing@dvphilippines.com to know more about our audit support solutions or download our whitepaper, Seasonal Audit Support for Audit Firms.