AI in IA: Impact of Artificial Intelligence in Internal Audit: A Qualitative Study

Internal auditing is becoming more crucial as businesses become more complex and extensive. Artificial intelligence (AI) in internal auditing is a trend change that promises to revolutionize how internal auditing functions are performed and delivered through significant improvements in audit quality and operational discipline. This paper reflects on many of the multifaceted impacts of AI on internal auditing functions. This paper intends to investigate how this AI will impact the audit profession. By interviewing ten individual internal audit experts qualitatively, the study shows that AI’s implementation will impact the following six critical levels. AI makes it possible for an auditor to (1) spend less time and make the audit more productive, (2) increase coverage, (3) real-time auditing, (4) enhance decision-making, (5) risk assessment and management, and (6) create new advisory services. The findings thus imply a need for a well-defined and consistent audit structure that is flexible enough for auditors to improve their audits.