A Quantum Leap is Possible in the Audit Industry Too!
Quantum Leap occurs when many decades of surge in a given field happens in a couple of
With the pace of digitalization gaining steam and going full throttle, Audit Industry is not only ripe for disruption but is witnessing a Quantum Leap in its functions and applications.
The Quantum Leap Paradigm (QLP) is a cycle which has three process-entities. It starts with the dismantling of silos which leads to disruption. Post disruption, super-convergence happens; the convergence of previously non-linkable ecosystems in one place. This leads to Quantum Leap wherein many decades of advancement gets packed into mere years.
Quantum Leap is possible in the Audit Industry too!
From process-based audits to risk based to analytics audit, Audit has come a long way finding its own
place in the form of Continuous Audit. In the current context, insights-to-action is reactive in nature
as the functions are siloed: be it audit, risk or compliance. Few players in the industry have high
organisational maturity standing to disrupt silos and make happen the requisite Quantum Leap.
But now, by augmenting audit, risk and analytics functions and bringing them on to a unified platform, a paradigm shift has occurred.
There is scope for an organisation to be one Digital GRC and Analytics Ecosystem: a unique plug and play ecosystem that gives one a greater degree of control over one’s complex, multifaceted organisation. A system that transcends silos enabled and empowered by AI, ML, and ultra-sophisticated neural networks to automate processes and tackle the issues raised by barriers on their own.
A grand fusion of information, where clusters of neural networks or 'brainware' communicate with each other aided by advanced Artificial Intelligence and sophisticated Machine Learning applications churning out superior, dynamic insights as and when they matter.
In a live demo, the functioning of this ecosystem was showcased in front of an esteemed audience. The product is named Auraa, an abbreviation for Augmented Risk and Audit Analytics. Following use cases assume importance which was showcased at the event by Mr. Indumon:
Agile Audit: AI/ML assisted Audit recommendation based on the dynamic Organizational risk changes.
ML Assisted fraud/exceptions detection and automated insights to action.
NLP/NLG based automatic contextual Report / issues/ observations generation.
Automated assurance by connecting real-time with the external & internal business context.
(Summary of presentation by Mr. Indumon Das; Founder and M.D., Beinex as a part of IIA’s continuing Technology and Internal Audit webinar series on January 12, 2022)