Does Internal Audit Need an AI Strategy?

The rapid adoption of AI in organisations is outpacing the development of compliance frameworks. This gap presents a unique challenge for internal auditors, who must navigate the uncharted waters of AI governance.

As many organisations have not yet articulated the AI strategy for the business, auditors find themselves in a difficult position to align their work with the strategic objectives outlined in the COBIT framework. This alignment is crucial for a seamless transition from the strategic to the tactical parts of the audit.

The challenges are compounded by the proliferation of AI technologies, the outsourcing of development due to a lack of in-house expertise, and the limited availability of training material tailored for the auditing community.

Internal audit departments have a unique opportunity to influence or augment the organisation’s AI strategy, thereby enabling the effective auditing of AI solutions. A comprehensive Internal Audit AI Strategy should address the following questions:

How will we adapt existing frameworks to support the adoption of AI?
What is the scope the internal audit in relation to AI?
How will we enhance the AI literacy of our audit team?
At what point will we engage external specialists, such as algorithm auditors?
How will we integrate our audit controls with the AI governance tools provided by our software platforms?