Practical AI for Internal Audit: Two Shortcuts to Boost Efficiency Without Training

Leveraging AI for Immediate Efficiency Gains

Internal audit and financial reporting professionals are increasingly looking for practical ways to integrate AI into their workflows. This article, drawing insights from peer group discussions, presents two straightforward AI shortcuts that require no prior training or complex software implementation. These methods focus on immediate, tangible benefits, moving beyond theoretical discussions to provide actionable strategies for enhancing daily tasks.

Shortcut 1: Cultivating a Prompt Library for Audit Tasks

One highly effective shortcut involves creating and sharing a prompt library for AI tools. Just as a recipe book provides consistent results in the kitchen, a well-curated prompt library ensures consistent and efficient output from AI for audit-related tasks. Instead of starting from scratch, auditors can access pre-tested prompts for common activities. Examples include:

• Generating audit procedures: Prompts can be designed to produce specific test steps and document requests for controls, ensuring comprehensive coverage.
• Refining control matrices: AI can review matrices for consistency, completeness, and clarity, suggesting improvements to language and risk linkages.

The article suggests that auditors can even ask AI to generate prompts for specific needs, making the process of building this library self-sustaining and highly adaptable.

Shortcut 2: AI-Powered Excel Code Generation

The second shortcut addresses a common pain point for many professionals: Excel coding. For auditors and financial reporting specialists who spend significant time in spreadsheets, AI can be a game-changer. By simply asking an AI tool to write the necessary code, users can automate complex or repetitive Excel tasks without needing to learn VBA or other scripting languages. This includes generating grouped lead schedules from trial balances or automating bank reconciliations. This approach significantly reduces the time and effort traditionally associated with spreadsheet automation.

Key Takeaways for Audit Professionals

Both shortcuts underscore a crucial point: AI integration doesn't always require a large-scale organizational strategy or extensive training. Individual professionals can start experimenting with these tools today to build small efficiencies that accumulate over time. While emphasizing the need to protect confidential information and validate AI outputs, the article encourages auditors to embrace these practical applications. The core message is to start small, experiment, and share successful applications to foster a culture of continuous improvement and AI adoption within the profession.