The Managing Director and CEO of Nova Merchant Bank Ltd, Nath Ude, has called on auditors to upscale their skills in transiting into digital auditing to carry out activities.
Speaking at the 52nd quarterly general meeting of the Association of Chief Audit Executives of Banks in Nigeria, yesterday, Ude, said internal auditors must evolve with new technologies as tools used to carry out audits are changing.
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“With basic computer applications and IT (Information Technology) audit software, development of IS (Information Systems) audit skills, (re)learning – must rise to meet the changes in the industry.
The volume and breadth of transactions, reports, customer service requests, incident reports, regulatory filing and the checks that will need to be done on these items cannot be done effectively with the usual tools and cannot be done effectively using the usual processes.”
He added that the future demands that business process auditors, who are now dealing with more advanced and more technical business processes, require more advanced and more technical IT and IS audit skills to bring increased value to their audit execution and in proffering recommendations.
He said from experience, computer knowledge, expertise and experience of audit teams has direct impact on their ability to optimize the use of the technology available to them.
“Technological advancement in hardware and software applications, have brought about automations that continuously reduce the need for human interference in processes and by default, human interference in auditing of such processes; especially where the applications are intelligent systems that learn and evolve based on their learnings – most commonly referred to as AI (Artificial Intelligence).”
He, therefore, said a new breed of internal auditors will be needed to move organizations forward in the digital world, thus, business must recognize and support this as auditors are a vital part of workforce to be supported in getting the appropriate