The Future of Auditing in the Banking Industry

Auditing is a quintessential part of the banking industry as a whole, and one of the facets within accounting I am passionate about. In this, auditing is a rather large undertaking for those who wish to pursue this, as it was quite intensive and time consuming. The article linked below describes how the area of internal auditing can be made a bit simpler with artificial intelligence (AI). It comes as no surprise, as many industries today are being supplemented and enhanced with advanced versions of AI. Internal auditing, as a result, would be made simpler in terms of time efficiency and accuracy with this AI. However, oversight is still necessary, of course, but the extent of oversight would be more limited, as the AI could more effectively find anomalies. The problems I see are more so in the AI algorithms, which still could be more easily resolved.

AI-driven tools for Internal Audit in the Banking Sector (esoutlook.com)

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