AI transforms internal audit from a retrospective, sample-based function into a proactive, real-time and continuous process.
By applying rules-based data, identifying anomalies instantly, and using predictive analysis on 100% of samples, AI enables spontaneous identification of risks, fraud and control weaknesses.
If you’re imagining an internal auditor acting as a security officer eyeing multiple screens of a shopping mall to identify risks, it’s not like that at all. Suspicious behaviour is flagged real-time and sent to a risk officer immediately.
Will AI eradicate commercial crime 100%?
No, because:
AI is excellent at identifying patterns and anomalies but struggles to understand intent.
AI cannot describe how a decision was reached, which creates some difficulties during legal proceedings.
AI is only as good as the data it is fed and if flawed or incomplete, could raise false alarms or miss fraud signals.
Cybercriminals are sophisticated, and AI may not have detected new fraud schemes to be included in its ‘training’ data.
AI will provide internal auditors with real-time, continuous and a shift from ‘sample to universe’, and this will create some capacity for ‘human’ auditors to improve data accuracy, apply lessons learned, and update themselves on new cybercrime strategies.
Mubesko.co.za
Mubesko is a well-established consulting company offering financial management and support services, asset accounting and modelling, and forensic investigation services to the public and private sectors.