Using AI for audit techniques
The importance of ethical AI in auditing has been included to solve the challenges faced by the Comptroller and Auditor General (CAG) cannot be ignored.
Ethical and Inclusive AI for Reliable Auditing
- Ethical AI Foundation: Responsible AI is vital for credible, trustworthy, and scalable audits by the Comptroller and Auditor General (CAG).
- Data Quality Assurance: Accurate, timely, complete, and relevant data is imperative to prevent inaccurate audit findings.
- Data Bias Caution: Vigilance is required when using data from unauthorised sources like social media, prone to biases and manipulation.
Need for AI Regulation and Global Precedents
- EU AI Act: The EU's AI regulations require developers to seek approval before commercial release and restrict biometric surveillance and social scoring.
- Intellectual Property Concerns: AI-generated content raises copyright infringement and intellectual property rights issues.
- Global AI Safety Initiatives: Elon Musk's "Truth GPT" and UK Prime Minister's AI safety regulation highlight the challenges and importance of ethical AI.
Challenges in AI Auditing
- Data Standardisation: CAG faces data integration challenges from various government entities; synchronisation is essential.
- Capacity Building: Auditors need AI technology familiarity and expertise, collaboration with data professionals.
- Compliance and Risk Management: Adoption of AI auditing frameworks, addressing AI domain risks, ensuring data security and privacy.