An Artificial Intelligence based approach to detect internal control deficiencies – Presentation Outline
The number of research work related to artificial intelligence (AI) enabled systems and machine learning (ML) capabilities and the industrial and business use of those have increased significantly over the past decade that is largely due to the changes in the technological environment. Intelligent systems are capable of, among other things, extracting knowledge from available data, language processing, analyzing images and videos, etc. thus, they are able to automate business processes to a high standard. With the power of AI, control deficiencies can also be assessed and detected automatically by analyzing interrelations within business data and therefore, it can help internal auditors to discover high risk areas already at the planning phases of the audits, and these systems can validate whether auditors are appropriately evaluated in-scope controls or there is a chance something needs a deeper review. AI can enhance the quality of internal audits in an objective manner and auditors can focus on value-creating tasks instead of monotonous manual testing.