Moving Internal Audit Deeper Into the Digital Age
The Internal Audit Foundation and Deloitte conducted an online survey among IIA members to gain insight into where different internal audit organizations stand with respect to auditing automation and cognitive technologies. Based on responses from internal audit leaders across a broad range of companies, the key findings shed light on where many organizations are making progress and where gaps may still remain. These key findings are outlined and explored in a three-part report series.
Part 1: A Structured Methodology for Leveraging Automation
The Internal Audit Foundation and Deloitte collaborated to create the first in a three-part report series, “Moving Internal Audit Deeper into the Digital Age Part 1: A Structured Methodology for Leveraging Automation.” The report explores how the three types of robotic process automation (RPA) (probots, knowbots, and chatbots) — combined with cognitive intelligence (CI) and artificial intelligence (AI) — can add value. The machine learning capabilities can handle high-volume, repeatable tasks that previously required humans to perform. Such tasks include queries, calculations, and maintenance of records and transactions.
Part 2: What Internal Audit Needs to Think About When Auditing Automation
As companies embrace change through automation, internal audit organizations must follow suit and adapt their approach to the expanding digital landscape. As reflected in the survey findings, despite growing involvement by internal audit, there is still a significant opportunity to go deeper and to add more value — that value can be found in part 2: What Internal Audit Needs to Think About When Auditing Automation.
Part 2 explores six critical components of robotic process automation (RPA) and cognitive intelligence (CI), and examines the output of the automated process to determine the greatest areas of risk and how to audit them:
- Governance and oversight
- Planning and alignment
- Return on investment (ROI)
- Policies and procedures
- Development standards
- Controls
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