Wolters Kluwer has partnered with the Institute of Internal Auditors’ (IIA) Internal Audit Foundation for a research report titled Harnessing Generative AI for Internal Audit Activities.
This report explores the use, implementation and governance of genAI within organisations and their internal audit functions.
According to the report, half of the internal audit leaders surveyed indicated that their organisations were either fully or partially implementing genAI.
However, around 17% reported having an organisation-wide policy governing the use of genAI, while 19% indicated that guidance was limited to the individual department level.
This suggests an opportunity for internal audit to provide advisory services to help organisations understand, manage and govern potential risks associated with genAI usage.
The report also found that approximately 26% of auditors are already incorporating AI within their audit activities, and around 36% are researching the future use of AI.
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By GlobalDataApproximately 31% of respondents are already auditing AI use within their organisations or offering advisory services related to AI projects.
Among those using genAI or researching its future use to support audit activities, the key areas identified for genAI employment included planning, reporting and fieldwork.
Around 76% of audit leaders surveyed reported their genAI skills as novice or beginner.
Additionally, around 7% indicated their organisations were in the advanced or full implementation stages of genAI adoption.
This presents an opportunity for internal auditors to enhance their skills, enabling them to provide influence on driving adoption of genAI within their organisations, the report said.
Wolters Kluwer Audit & Assurance senior vice-president and general manager Frans Klaassen said: “The findings of our research show that AI represents a dual opportunity for audit teams: helping safeguard the use of AI within their organisations and leveraging the technology to benefit and enhance audit operations.
“Internal audit is well-positioned to provide supporting advisory services on AI adoption, governance and controls. To realise the transformative potential of AI, auditors will need access to advanced, secure technologies to optimise their operations.”
Earlier this month, Wolters Kluwer introduced AI-powered enhancements to CCH AnswerConnect Canada, its research tool for tax, accounting and audit professionals.
