Technology and internal auditing: An overview of performance effects

Abstract

Technological advancements, such as data analytics, artificial intelligence (AI), and robotic process automation (RPA), are reshaping internal audit practices. These innovations have driven significant improvements in efficiency, effectiveness, and performance. Traditional internal audit processes are evolving with the integration of advanced technologies. The 2024 Global Internal Audit Standards emphasize performance as a key factor in the success of modern internal audit functions (IAFs), which underscores the growing need to integrate advanced technologies into audit processes. However, adoption poses challenges, including data privacy concerns, cybersecurity risks, and the demand for specialized expertise. This paper reviews existing literature on technology-driven auditing, explores the impact of the 2024 Global Internal Audit Standards, and identifies key challenges in implementing different technologies.