For the past few years, there has been an ongoing debate about whether artificial intelligence (AI) will present risks or opportunities for the internal audit profession. I have taken the position that it will offer both.
If we engage primarily in hindsight and focus our energies on tactical audit engagements, such as assurance on internal controls over financial reporting, we run a significant risk of being disintermediated by AI. However, if we turn our attention on strategic/business risks and other engagements that require professional (human) judgement, we have the opportunity as an enabler to leverage AI, rather than to fear it.