By Nurul Hanis Izmir
CYBERJAYA, Feb 7 (Bernama) -- The future of auditing is set for a transformative shift with the integration of artificial intelligence (AI), enabling real-time risk assessments and predictive insights that go beyond traditional methods, said co-founder of Audrey South Africa, Claude Chetty.
He said the future of auditing fundamentally changes with AI, whereby organisations no longer have to rely solely on historical data sets.
“Auditing happens in the now, predicting and providing risk assessments and assurance on current affairs while offering foresight into possible future risks,” he told Bernama after delivering a talk titled “AI Revolution in Auditing” hosted by the Malaysian Industry-Government Group for High Technology (MIGHT) here today.
Chetty said AI allows auditors to shift focus from mundane tasks to more strategic advisory roles.
“Let AI do the heavy lifting, and let auditors concentrate on providing valuable insights. This means audits can be done quicker, more effectively, and with better guidance throughout the process,” he stressed.
Audrey is an AI-powered robotic audit platform designed to revolutionise traditional auditing processes by providing real-time insights, comprehensive coverage, and advanced predictive capabilities.
By leveraging AI algorithms, it processes vast amounts of data to deliver actionable insights, significantly reducing human error and increasing the precision of audits.
A New Era in Audit Technology
Explaining how Audrey differentiates itself from traditional audit tools and other AI-powered platforms, Chetty described it as an end-to-end assurance platform with AI deeply embedded throughout its structure.
“Unlike other tools that use AI as a mere feature, Audrey’s AI component is pervasive and intuitive. It’s not hard-coded like other products, which means Audrey continuously learns and adapts.
“Depending on your data landscape, it could be as simple as switching it on and allowing it to plug into your database. Traditional systems require lengthy data integration processes, but Audrey can deliver immediate results, saving both time and money,” he said, adding that Audrey's approach to technology eliminates the need for expensive integration fees.
Addressing concerns about data security and confidentiality, Chetty assured that Audrey never holds client data and operates strictly as a platform to help businesses derive insights from their own data sets.
“Audrey respects data privacy and has multiple layers of protection, including encryption and firewalls. Data will never leave the location you specify, whether it’s an on-premise server for a government agency or a specific data centre,” he explained.
Opportunities in Malaysia
Chetty expressed strong interest in partnering with Malaysian government agencies and private sector, identifying three key industries that could benefit from Audrey: government agencies, banking, and tier-two audit firms.
“We believe government agencies can leapfrog the data and AI revolution with Audrey. In banking, Audrey has already proven effective in highly regulated environments. For tier-two audit firms, Audrey levels the playing field, empowering smaller firms to compete with industry giants,” he said.
Chetty also revealed ongoing discussions with Malaysia's halal certification sector.
“Compliance is crucial for certification authorities, and Audrey can ensure continuous compliance, not just at the onboarding stage,” he said.
He also highlighted Audrey’s growing international footprint, particularly in South Africa, where the platform is already in use by government agencies and private banks.
“We launched Audrey at the end of October, and through discussions with former Malaysian diplomats in South Africa, we saw the potential to expand into Malaysia and use it as a central point for Asia and the Middle East,” he added.
Separately, MIGHT said Audrey's work in AI for auditing demonstrates how AI can revolutionise audit quality and efficiency by providing real-time insights, predictive risk assessments, and streamlining processes.
“In line with this, MIGHT, a partnership think tank focused on high technology, aims to foster more research, collaboration, and co-creation to drive innovation and enhance audit solutions in Malaysia,” it said.
-- BERNAMA
