Any interesting use cases or potential future cases of using data analytics/ML/RPA in internal audit departments? Besides simple journal entry testing etc, trying to find out about different feasible applications of DA/DS in the audit and risk/controls space

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I’m aware of or involved in a number of efforts to do large-scale pattern detection on internal transaction data. Internal audit is the key driver and questions range from cash register fraud to supply chain resilience.

Pretty large and promising use case space. Flipside will be some reduction in manual audit activity and resources in the mid to long term.

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That’s so interesting that I just got assigned to this as well. I’m doing secondary research at the time being.

Yes, some small firms doing it. Big firms will be reluctant since it can blow up their model of having a ton of accountants to charge for.
Check out River Analytics & Automation.

Fraud detection is usually applied over things like customer transactions. Not familiar with audit, but from an ML perspective, internal fraud protection might not have enough data to work with.

Yes but give me a $100M sow first

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