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Leveraging technology in internal audit processes for streamlined management and risk oversight
1 Department of Econometrics and Quantitative Economics, Western Illinois University, USA.
2 Department of Accounting, Northern Illinois University, Dekalb, USA.
Research Article
International Journal of Science and Research Archive, 2024, 13(02), 3077-3100.
Article DOI: 10.30574/ijsra.2024.13.2.2549
Publication history:
Received on 12 November 2024; revised on 18 December 2024; accepted on 20 December 2024
Abstract:
The integration of advanced technologies into internal audit processes has revolutionized organizational management and risk oversight, enabling streamlined, data-driven decision-making. As businesses face increasingly complex regulatory environments and operational risks, traditional audit methods often struggle to keep pace. This paper explores the transformative role of emerging technologies, including data analytics, artificial intelligence (AI), robotic process automation (RPA), and blockchain, in enhancing internal audit efficiency, accuracy, and transparency. By automating repetitive tasks, RPA reduces audit cycle times and minimizes human errors, allowing auditors to focus on value-adding activities. AI and machine learning algorithms enable predictive risk analysis, anomaly detection, and real-time monitoring, strengthening an organization’s ability to identify and mitigate risks proactively. Additionally, data analytics tools facilitate comprehensive assessments of large datasets, uncovering patterns and insights that would otherwise go undetected in manual audits. The paper also examines the role of blockchain technology in fostering transparency and accountability through secure, tamper-proof audit trails. Despite the benefits, the adoption of these technologies presents challenges, including integration costs, skill gaps, and data privacy concerns. Addressing these challenges requires strategic investment, workforce upskilling, and collaboration between audit professionals and IT specialists. By leveraging technology, internal audit functions can evolve into proactive, agile frameworks that align with organizational goals, providing robust risk oversight and contributing to long-term sustainability.
Keywords:
Internal Audit; Risk Oversight; Artificial Intelligence; Data Analytics; Robotic Process; Automation; Blockchain Technology
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
