AI in IA: Impact of Artificial Intelligence in Internal Audit: A Qualitative Study
- Title
- AI in IA: Impact of Artificial Intelligence in Internal Audit: A Qualitative Study
- Creator
- Manuel A.; Arumugam S.K.
- Description
- Internal auditing is becoming more crucial as businesses become more complex and extensive. Artificial intelligence (AI) in internal auditing is a trend change that promises to revolutionize how internal auditing functions are performed and delivered through significant improvements in audit quality and operational discipline. This paper reflects on many of the multifaceted impacts of AI on internal auditing functions. This paper intends to investigate how this AI will impact the audit profession. By interviewing ten individual internal audit experts qualitatively, the study shows that AIs implementation will impact the following six critical levels. AI makes it possible for an auditor to (1) spend less time and make the audit more productive, (2) increase coverage, (3) real-time auditing, (4) enhance decision-making, (5) risk assessment and management, and (6) create new advisory services. The findings thus imply a need for a well-defined and consistent audit structure that is flexible enough for auditors to improve their audits. The Author(s), under exclusive license to Springer Nature Switzerland AG 2024.
- Source
- Contributions to Finance and Accounting, Vol-Part F3769, pp. 451-463.
- Date
- 2024-01-01
- Publisher
- Springer Nature
- Subject
- Artificial intelligence; Audit process; Internal audit; Technology
- Coverage
- Manuel A., School of Commerce, Finance and Accountancy, Christ University, Bangalore Central Campus, Bangalore, India; Arumugam S.K., Department of Professional Studies, School of Commerce, Finance and Accountancy, Christ University, Bangalore Central Campus, Bangalore, India
- Rights
- Restricted Access
- Relation
- ISSN: 27306038
- Format
- Online
- Language
- English
- Type
- Book chapter
Collection
Citation
Manuel A.; Arumugam S.K., “AI in IA: Impact of Artificial Intelligence in Internal Audit: A Qualitative Study,” CHRIST (Deemed To Be University) Institutional Repository, accessed February 23, 2025, https://archives.christuniversity.in/items/show/17894.