Are you using AI in your audit process? How so?
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Yes we#ve developed a full AI audit assisitant that guide auditors through the audit workflow process making recommedations on what the scope of an audit should be, examining fieldwork documents to identify deficiencies and writing audit reports.
Thank you again for sharing your AI tool in the webcast. I'm looking at potential use case. As we are a team of 5, and based on your experience, what would be some prerequisite for a successful implementation and initial use case?
One of the key considerations is data security. We could only develop the system we have at E.ON as we have our own ringfenced Chat GPT system which can only be accessed by the Audit team. Therefore I'd suggest before thinking too much about use cases look at what foundations you need to put in place first to allow you to utilise the system.
From my conversations with AI Engineers particularly in insurance industry - Generative AI can be effectively used to identify inconsistencies in the set of documents, which can occur due to error or fraud. That can be done these days with today's technology.
We are using AI to increase the efficiency of auditing medical claims for accuracy. It is used to probabilistically filter out claims that are least likely to have an actionable error. It allows us to review more claims than we have resources available. Basically, it leverages machine learning to correlate a large database of historic claims and past errors against a large set of claim characteristics. Claims are scored for the probability of having an error and only the highest scored claims are reviewed.
AI is becoming more and more important in my work. My first points of contact were during the creation of the audit programme. I used AI to develop proposals for the creation of the audit programme. It was up to me to decide on the content of the final audit programme.
the webcast that Gartner did on GenAI in the audit process last week was really great - I think there is a replay or follow up in May, I'd highly recommend. There are real-life client examples from BIMBO and others