Audit is witnessing quantum leap in functions, applications, says expert

Quantum leap is also possible in the audit industry, according to an industry expert speaking at a webinar recently hosted by the Institute of Internal Auditors Doha Chapter.

“Quantum leap occurs when many decades of the surge in a given field happens in a couple of years. With the pace of digitalisation gaining steam and going full throttle, the audit industry is not only ripe for disruption but is witnessing a quantum leap in its functions and applications,” said Indumon Das, who elaborated on the webinar’s theme ‘Unified Digital Ecosystem and the Future of Audit and Risk Management’.Das is the founder and managing director of Beinex Holdings. He is a product champion for Auraa (Augmented Risk and Audit Analytics), a unique single platform solution for integrated risk management, governance, audit, compliance, BCM, and analytics functions. Das is a regular invitee to premier industry-defining forums marking tectonic shifts in times.“From process-based audits to risk-based to analytics audits, internal audit has come a long way in finding a place in the form of continuous audits. In the current context, insights-to-action is reactive 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 the requisite quantum leap happen. But now, by augmenting audit, risk, and analytics functions and bringing them on to a unified platform, a paradigm shift has occurred,” said Das.He said: “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.“The technology and internal audit series truly lived up to expectations and beyond with new audit concepts applied with the latest technology that could genuinely result in a quantum leap in the internal audit function. “The key learning areas were how to use AI and ML in the audit cycle, ML Assisted Audit Analytics Execution, and how a unified insights-to-action Interface functions. The product demo was mind-blowing to consider for the next level of value delivery,” stated board member Sundaresan Rajeswar.Christian Adonis introduced the speaker and Muralikrishna hosted the session, while Aisha Rafeeque handled speaker coordination with over a hundred participants during the event.