Harnessing Generative AI for Internal Audit Activities

This technical report presents findings from a research project conducted by the Internal Audit Foundation and Wolters Kluwer TeamMate, focusing on the integration of generative AI (GenAI) in internal audit functions. The report outlines how organizations are adopting GenAI tools like ChatGPT and DALL-E to enhance efficiency, productivity, and competitiveness. It details a survey conducted in May 2024, which gathered insights from 924 internal audit leaders worldwide about their experiences and challenges with GenAI. The report discusses the dual role of internal auditors in guiding AI use within organizations while leveraging the technology to improve their own processes. It also addresses the strengths and weaknesses of GenAI, emphasizing the importance of understanding its applications and governance in the context of internal auditing. The findings aim to provide a comprehensive view of how GenAI can transform audit practices and the broader implications for business strategies.