NEW! Internal Audit Foundation and Deloitte Report

The Internal Audit Foundation and Deloitte collaborated to release the first in a three-report series, “Moving Internal Audit Deeper into the Digital Age Part 1: A Structured Methodology for Leveraging Automation.”  

Part 1 provides internal audit leaders with perspectives on the impact of robotic process automation (RPA) and cognitive intelligence (CI) on internal audit and the organizations they serve. From the simple to the complex, RPA is the use of software with artificial intelligence (AI) and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. These tasks can include, but are not limited to, queries, calculations, and maintenance of records and transactions.  

Currently, practitioners divide RPA technologies into three broad categories — probots, knowbots, and chatbots. Probots are bots that follow simple, repeatable rules to process data. Knowbots are bots that search the internet to gather and store user-specified information. Chatbots are virtual agents who can respond to customer queries in real time.  

RPA software is not part of an organization’s IT infrastructure. Instead, it sits on top of it, enabling a company to implement the technology quickly and efficiently — all without changing the existing infrastructure and systems. 

Learn more about RPA in the first of this three-report series. Part 2 asks, “What are the risks of RPA and CI, and how can they be audited?” while Part 3 will answer, “How can internal audit help set up governance architecture around new technologies?” Download your copy of Part 1 today.