The next generation of AI-powered audits

The next generation of AI-powered audits

AssuranceLab have announced the rollout of its pilot AI-powered audits following a successful trial period across ten clients in 2023.

Artificial Intelligence (AI) is here to stay with many industries exploring the different ways it can increase efficiencies. The auditing industry is no different.

Paul Wenham, Co-Founder and Co-CEO of AssuranceLab, said, “This marks a huge milestone not just for our company, but the compliance audit industry as a whole.”

“Designed to uplift the industry, increase efficiency and reduce the pressure on the team, these audits will change the way audits have been conducted,” Wenham said.

Mat Camp, Head of Product & Technology at AssuranceLab highlighted the success of the trial phase, stating, “The trial stage of the AI-powered audits saw between 50%-80% accuracy in the first model, up to 90% in the second and over 90% in the third.”

“This enables effective performance when working across hundreds of documents,” Camp said.

Regarding the rollout across their wider client base, Wenham added, “This model is designed to uplift quality and efficiency, not replace the human aspect of auditing.”

“Human judgement is imperative in auditing and this model allows for this to be done in greater detail and uplift the relationship between auditor and client,” he said.

Anna Doogan, Director of Audit Services, spoke about the audits from an auditor’s standpoint and the changes it will have on the team.

“The team are excited to implement the AI audits across more clients. It is not only a tool to streamline efficiency and quality but also allows the team to have the time to focus on higher areas of risk and further develop their relationship with the client.”

“Our auditors will still have full control over the audits and have visibility across all controls and evidence uploads, the AI tool just provides an extra set of hands.”

“It will allow testing to be performed before the evidence gets to the auditor, allowing the auditor to dive into the higher risk areas where professional judgement and experience is needed,” Doogan said.

The goals for these audits don’t stop at rolling it out across the client base. Paul Wenham spoke about the future of the AI-audit model.

“We are looking forward to reshaping the industry with the power of AI, and there are many partnerships and opportunities on the horizon.”

“This is only the beginning of what AI can achieve and we are excited to see how it shapes our industry and the border community in this year and beyond,” Wenham added.