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Hello, welcome to getting started with where our job is to make your job easier. In this episode, we're getting started with generative AI. You've probably heard the Buzz chat bots that talk like humans, tools that summarize reports, even software that generates code.
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But what does this mean for internal auditors? In this video, you'll learn what generative AI is, how it works, practical tips, and what risks to watch out for. So let's get started.
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Generative AI refers to artificial intelligence systems that can generate text, images, audio, and other media based on prompts or data.
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Imagine a software that can write a summary of your audit report or translate complex risk documents into plain English. That's generative AI.
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These tools learn patterns from huge data sets and use them to create new content. It's like having a super advanced intern, fast, responsive and sometimes a little unpredictable.
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Why does generative AI matter to internal auditors? Imagine mainly reviewing thousands of transactions that could take days with generative AI, it could take just minutes. This is a game changer for auditors because it enhances audit efficiency by handling repetitive analysis, strengthens risk assessments by spotting unusual transactions quickly.
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Improves data analysis by summarizing complex evidence boost creativity by revealing several trends, quickly identifies anomalies and expenses or procurement, and supports continuous auditing through real time monitoring.
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It's not about replacing auditors, it's about making us more efficient, more insightful and more innovative. Here are a few real life use cases for internal audit prompting and summarizing. Use generative AI to summarize long reports or meetings, drafting emails or reports generate first drafts of audit observations.
00:02:00 Speaker 1
Or executive summaries risk brainstorming? Asks the AI to generate potential risks for emerging topics like cybersecurity or ESG process walkthrough prep, input a policy and have it create questions to ask during an interview.
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Here's a useful tool. Create prompt templates. Think of them like filling the blank forms instead of asking what's going on here. Try summarize the document and three bullet points for a CFO.
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Generative AI is powerful, but not perfect. Here's what to watch out for. Hallucinations. The tool may sound confident but generate incorrect or fictional information. Bias AI can reflect biases found in this training data. Be cautious when using it for decision making.
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Data privacy never input sensitive, confidential or regulated information into public AI tools.
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Over Reliance, AI can assist, but it shouldn't replace your judgment due diligence or professional skepticism.
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This pro tip might be the most valuable advice you take away from this episode. Always validate the AI's output double and sometimes triple check any work you collaborate with Gen. AI on. Think of it like spell check it.
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Helps, but you still need to proofread.
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If you're new to generative AI, here's how to effectively integrate it. Define clear objectives like analyzing procurement transactions, start small with the limited data set, and share data quality by regular validations.
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Collaborate with it for technical setup and security. Lastly, continuously adapt based on feedback.
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Here's a bright idea. Start small test AI on non sensitive tasks. First try summarizing your own notes or drafting. Follow up emails after a nodded interview. This builds comfort and shows the tools, strengths and limits. A great way to get started with generative AI is learning how to write effective prompts.
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This is a skill often called prompt engineering. It's the art of asking AI the right questions to get the best results.
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The more specific the prompt, the better the outcome. You're not just feeding it info, you're guiding it. Try something like summarize this IT policy, and highlight any compliance risk or draft a basic audit finding based on this set of control test results. Clear specific prompts. Help the AI deliver more relevant results.
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And the more you use it, the better you'll get.
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AI isn't magic, it's a tool. And like any tool, it works best in skilled hands. As internal auditors, we bring judgment, ethics and insight. AI just helps us go further faster. Here are some areas you can explore.
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Build prompt libraries for audit task work with your IT teams to assess AI tools for secure internal use.
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Keep up with the CIA's resources courses and guidance on AI and emerging technology. Congratulations on completing getting started with generative AI. There's much more to learn. Check out the links below to access helpful resources, including tools, podcasts, and training.
