Harnessing Generative AI for internal audit activities

Key takeaways include:

• Generative AI proves beneficial throughout all four phases of an audit engagement—planning, fieldwork, reporting, and follow-up—and can assist internal auditors with learning, brainstorming, creating, writing, and performing.
• Human involvement is crucial. Internal audit teams should critically evaluate GenAI capabilities and limitations to understand where it can be effectively applied and where it may fall short.
• Seventy-six percent of respondents classified themselves as a “Novice” or “Beginner” in generative AI, indicating that a substantial number of internal auditors perceive their familiarity and skill with GenAI as relatively low.
• Most respondents report using GenAI “Extensively” or “Often” for the planning or reporting phases of an audit.