Auditors Urged to Leverage AI Tools to Deliver Results, Strategic Insight

Oluchi Chibuzor 

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has urged its members and auditors in the country to leverage Artificial intelligence (AI) tools to deliver data points and compliance for their organisations. 

Speaking at the 57TH quarterly general meeting of the body in Lagos, the Chairman, ACAEBIN, Prince Akamadu, said as auditors in a rapidly changing era, it was imperative that they embrace new technologies that can enhance abilities and revolutionize the profession. 

According to him, “It is no secret that the world around us is transforming, with technological advances, reshaping industries and businesses at an unprecedented pace. In this era of immense disruption, AI is emerging as a game changer, propelling us into uncharted territories of efficiency, accuracy, relevance, data points result and strategic insight. 

“AI presents us with an opportunity to unleash our true potential. Gone are the days when Auditors were buried under piles of documents and struggled to analyse the vast amounts of data at their disposal. By harnessing the power of AI, we can rapidly process vast volumes of data, identify patterns, anomalies, and draw insights that were once unimaginable.”

However, he noted that with AI, auditors can significantly enhance their ability to identify risk, uncover fraud, and provide recommendations for improvement. 

He stressed that AI equips auditors with the ability to continuously learn and adapt, while helping them remain agile in the face of an ever-evolving business landscape.