A Demonstration of How ChatGPT Can be Used in the Internal Auditing Process

45 Pages Posted: 27 Jul 2023

See all articles by Marc Eulerich

Marc Eulerich

University of Duisburg-Essen, Mercator School of Management

David A. Wood

Brigham Young University - School of Accountancy

Date Written: July 24, 2023

Abstract

For the past several years, internal audit functions (IAFs) have been significantly increasing their digitization efforts to enhance the efficiency and effectiveness of the IAF. The introduction of ChatGPT has increased the potential for IAFs to have a more significant impact; however, there is little guidance on how ChatGPT can influence the day-to-day work of internal auditors. This paper demonstrates with specific examples how ChatGPT can be used to enhance all aspects of the audit process. While not comprehensive in nature, the detailed, illustrative examples should help internal auditors see actionable steps they can take to be more efficient and effective and thus add more value to their organizations. Finally, it helps researchers to identify potential avenues for future research.

Keywords: ChatGPT, Internal Auditing, Generative AI, Prompt, Audit Process, Artificial Intelligence

JEL Classification: M4, M40, M42, M49, O30, O33, O36

Suggested Citation

Eulerich, Marc and Wood, David A., A Demonstration of How ChatGPT Can be Used in the Internal Auditing Process (July 24, 2023). Available at SSRN: https://ssrn.com/abstract=4519583 or http://dx.doi.org/10.2139/ssrn.4519583

Marc Eulerich (Contact Author)

University of Duisburg-Essen, Mercator School of Management ( email )

Lotharstrasse 65
Duisburg, 47057
Germany
00492033792600 (Phone)

HOME PAGE: http://www.msm.uni-due.de/ircg

David A. Wood

Brigham Young University - School of Accountancy ( email )

518 TNRB
Brigham Young University
Provo, UT 84602
United States
801-422-8642 (Phone)
801-422-0621 (Fax)

HOME PAGE: http://marriottschool.byu.edu/employee/employee.cfm?emp=daw44

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