A recent Oxford University study examined how automation and robotics are affecting different professions.
Among the over 600 professions considered, auditing was right at the top—deemed by researchers as a profession ripe for automation, with a 96% chance of being largely replaced by computers in the next two to three decades.
You’re either the one creating automation … or you’re the one being automated.
There is not an audit team on Earth that has an adequate number of people to look at all key aspects of risk with a manual approach, and there never will be. Therefore, in the age of the digital enterprise, it is imperative we extend our reach through data and automation. Data analysis allows a single auditor to programmatically analyze billions of bits of information to gain real insight, and data automation puts the low value but “must watch” areas on auto-pilot so we can spend our time and energy where it will really matter. However, even as automation grows, many organizations and auditors say they’re frustrated by big data. They hear a lot of hype and discussion, but they haven’t received the value it promises.
Robots vs. Auditors
There’s a big difference between an internal auditor who is watching the big data transformation from the passenger seat and says, “Hey—when is this going to deliver the value for me? When is this going to do my work for me?” and a data-driven internal audit leader who’s proactively developing automation—and driving the value of insight and efficiency gained back into the organization.
Who would you want on your team? What is it that internal auditors can bring to the table that data robots can’t?
Death of the Tick Mark, Birth of the Sought-After Internal Auditor
ACL’s very own Internal Auditor turned Chief Product Officer, Dan Zitting, gets up close and personal about his very own audit career. He also highlights: