Deloitte Drives the Power and Potential of Advanced AI and Generative AI to Internal Audit

NEW YORK, July 29, 2024 - Deloitte is helping clients advance their internal audit capabilities by integrating artificial intelligence (AI) and Generative AI into its existing suite of internal audit services.

Specifically, internal auditors are leveraging Deloitte's AI-powered suite of services to conduct dynamic risk assessments, streamline controls monitoring, automate Sarbanes-Oxley (SOX) scoping, enhance reporting and assurance mapping, and revolutionize the generation of audit reports that can save time, boost stakeholder engagement, and expand assurance coverage.

"Rapidly advancing technologies like AI and Generative AI are empowering organizations to innovate and improve the impact and value that teams across the enterprise can deliver to shareholders, inclusive of internal audit," said Sarah Fedele, a Deloitte Risk & Financial Advisory principal and U.S. internal audit leader, Deloitte & Touche LLP. "The ongoing integration of AI into Deloitte's internal audit services is not only enhancing efficiency for our clients, but it's also transforming the way organizations manage risk, potentially leading to stronger control environments and more resilient businesses."

Geoff Kovesdy, a Deloitte Risk & Financial Advisory principal in internal audit, Deloitte & Touche LLP, added: "AI is not just an add-on for internal audit - it's a game-changing collection of technologies that is transforming the profession. Generative AI in particular, the latest of AI innovations, is fast becoming essential to internal audit processes, enhancing efficiency and empowering internal auditors with deep insights through its ability to simulate and understand complex scenarios and rapidly produce unprecedented volumes of risk analysis. No matter how familiar our clients are with this complex technology, we're able to help them explore use cases specific to their organizations' internal audit teams, which can help them advance on implementation accordingly."

Deloitte continues to help internal audit teams identify and develop their own strategies and AI capabilities through digital transformation across people, process, data and technology that supports the development of optimal, future-state operating models. Deloitte offers the following AI-powered internal audit platforms:

• Dynamic Risk Assessments - Deloitte's innovative AI-powered solutions provide end-to-end risk assessment capabilities that can help organizations realize their vision of data powered insights. Such efforts aim to transform legacy internal audit risk assessment frameworks into continuous assurance models that can be more proactive, efficient and integrated. The result is a dynamic and iterative risk assessment lifecycle capable of providing real-time insights about organizations' risk ecosystems, leveraging AI-powered interviews, continuous monitoring, external risk sensing, and integrated dashboards, and other intuitive reporting.
• Next-Gen Controls Monitoring and Automated Controls Testing - Deloitte's Next-Gen Controls Monitoring tools embed AI into controls monitoring solutions to help organizations continuously monitor control performance and conformance and provide detailed, conclusive information around emerging risk issues within the control environment. Further, AI applications to the testing environment can help to automate controls tests, reduce human error, and can achieve higher-quality testing outcomes.
• AI-on-Demand PODs - Deloitte's AI-on-Demand Product Oriented Delivery (POD) service delivery model is comprised of a multidisciplinary, agile team of engineers and designers that can help clients accelerate the development, scale, efficiency, productivity and quality of AI products and solutions through reusable design templates and various AI accelerators, including those focused on standardized methodologies that adhere to leading practice governance frameworks.
• AI for Internal Audit Reporting - Deloitte's data-driven platform summarizes and visualizes historic internal audit reports that can enhance insights and trends, develop cross functional leadership reporting, and drive future internal audit activities, including reporting on common findings and themes in order to drive more value-add root cause determination and remediation.
• Automated SOX Scoping - Deloitte also assists clients with leveraging AI technology to automate the traditionally labor-intensive process of SOX scoping. Beyond increasing efficiency, automation and statistical algorithms help clients to develop a more accurate and risk-aligned scope, leading to more effective and value additive SOX programs while providing an enhanced lens into broader financial reporting risk.
• Assurance Mapping - By integrating AI into assurance mapping, Deloitte works with organizations to help them build an enterprise-wide view of their assurance landscape across the functional pillars of their organization. This advanced approach can increase collaboration among the three lines and internal audit's effectiveness and focus, enabling teams to better align the audit plan to emerging and top risks while harmonizing efforts across multiple regulatory and compliance activities.

Deloitte is also infusing Generative AI capabilities across its own enterprise to enhance productivity and deliver greater client impact. Building on its deep industry and domain knowledge, Deloitte is rolling out purpose-specific large language models (LLMs) and chatbots to support specialized teams across its business. Focused on proprietary functional and industry content, these tools are applied with Deloitte's Trustworthy AI™ framework to help clients manage AI risks and improve user confidence and trust. Additionally, Deloitte is increasing AI fluency, training more than 120,000 professionals via the Deloitte AI Academy™ and investing more than $2 billion in global technology learning and development initiatives to boost skills in AI and other areas.

To learn more about Deloitte's suite of AI capabilities for internal audit, visit this site.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500^® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 457,000 people worldwide connect for impact at www.deloitte.com.

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