Keywords

ChatGPT, internal auditing, audit process, large language models

Abstract

We discuss how the internal audit function (IAF) of a large multinational energy company, Uniper, is starting to use ChatGPT to improve automation of internal auditing. We investigate the benefits and challenges of integrating ChatGPT into internal audit processes and assess its impact on the efficiency and effectiveness of the IAF. Uniper has implemented ChatGPT into parts of audit preparation, fieldwork, and audit reporting. On their initial tests, they estimate efficiency gains ranging from 50 to 80 percent for various processes. We report key risks and challenges with using ChatGPT in internal auditing as well as the initial key practices and rules for using ChatGPT. This study should help practitioners to learn how ChatGPT can aid in auditing and help inform researchers about this fast, emerging technology.

Original Publication Citation

Emett, S., M. Eulerich, and D. A. Wood. 2024. Leveraging ChatGPT for enhancing the internal audit process—A real-world example from Uniper, a large multinational company. Accounting Horizons, 2024. DOI: 10.2308/HORIZONS-2023-111.

Document Type

Peer-Reviewed Article

Publication Date

2024

Publisher

Accounting Horizons

Language

English

College

Marriott School of Business

Department

Accountancy

University Standing at Time of Publication

Full Professor

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Accounting Commons

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