The role of internal audit
When investing and implementing new technologies, basic elements of a sustainable enterprise must not be neglected: Good governance, appropriate risk management, strong and effective internal controls, and internal audit functions. A functioning and proactive internal audit function can both ensure that the company deploys intelligent automation in a sound and strategic manner and work with the relevant business owners to identify and respond to potential new risks and challenges. In addition, based on this, internal audit can construct a robust plan for implementing and monitoring the effectiveness of a smart automation programme.
Approaches to intelligent automation that improve the work of internal audit in the long term range from simple process automation ("act like an auditor"), to advanced automation ("learn like an auditor"), to comprehensive and intelligent automation ("think like an auditor"). As the functions of internal audit evolve through the use of automation processes, they will be able to better position themselves in response and thus derive positive benefits for the organisation itself from this progress.
Implementing and using intelligent automation processes within Internal Audit is not an easy task. In order to achieve the desired results, internal audit leaders must take the time to meet the prerequisites needed to effectively implement intelligent automation systems. Data can be a challenge here, not to mention the need to formulate models appropriately.
Through the appropriate use of intelligent automation, including AI capabilities, internal audit can improve operational efficiency, reduce errors and respond more flexibly to industry changes and demands.
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Further Information (in German only)
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Luisa v. Esterházy
Partner, Risk & Compliance Services
KPMG AG Wirtschaftsprüfungsgesellschaft