Is your audit staff using ChatGPT?
Join our CPE event, "Is Your Audit Staff Using ChatGPT?", designed for internal auditors seeking to enhance their knowledge and understanding of utilizing ChatGPT in their audit processes. This event aims to provide participants with valuable insights into the benefits, limitations, and best practices associated with using AI models like ChatGPT in internal auditing.
The event begins with an exploration of the fundamentals of ChatGPT, explaining its role in the internal audit process and how it functions. Participants will gain an understanding of the potential benefits that ChatGPT can offer to audit staff.
Recognizing the importance of maintaining critical thinking skills, the event dives into the limitations and risks of using ChatGPT. Ethical considerations, biases, and potential risks associated with AI models will be discussed to ensure participants are equipped with a comprehensive understanding of the technology.
Best practices for effectively integrating ChatGPT into the audit process will be shared, covering various audit tasks such as research, risk assessment, data analysis, and report writing. Participants will learn strategies for conducting effective research using ChatGPT, critically evaluating outputs, and ensuring compliance with professional standards and data privacy requirements.
Real-life case studies and practical applications will be presented to demonstrate how ChatGPT can be utilized in different audit scenarios. Participants will have the opportunity to analyze actual audit engagements where ChatGPT was used, enabling them to apply the lessons learned to their own audit practices.
Risk management and internal controls will also be addressed to ensure participants are equipped to handle potential risks associated with ChatGPT usage. Strategies for mitigating risks, maintaining data security, and protecting sensitive information will be explored.
The event fosters a collaborative learning environment, encouraging participants to share their experiences, challenges, and best practices related to using ChatGPT. Participants will have the chance to engage in discussions and ask questions, further enhancing their understanding of ChatGPT's application in the internal audit profession.
By attending this CPE event, participants will not only enhance their knowledge and skills in utilizing ChatGPT but also strengthen their critical thinking, independent judgment, and risk management capabilities. Additional resources and references will be provided to support ongoing learning and exploration beyond the event.
Join us for this insightful and engaging CPE event to ensure your audit staff is leveraging ChatGPT effectively while maintaining professionalism, ethics, and the highest standards in internal auditing.
This timely, two-hour CPE training event is designed for the internal auditor, compliance professional and others who wish to improve their AML and BSA tradecraft skills.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.
Details on Event Presentation
Being offered twice a quarter on Fridays at 10:00 a.m. to noon Central Time.
We can schedule private events on your timetable for two or more attendees.CPE Event Highlights
The CPE training event focused on the utilization of ChatGPT by audit staff in the internal audit process. The event covered various agenda items to enhance understanding and provide guidance on incorporating ChatGPT effectively. The highlights of the event were as follows:
- Participants were warmly welcomed and provided with an overview of the event's objectives, emphasizing the benefits of using ChatGPT in internal auditing.
- The concept of ChatGPT was explained, including its functionality and operation, along with a discussion on the capabilities and limitations of ChatGPT in the internal audit context.
- Ethical considerations, biases, and potential risks associated with AI models like ChatGPT were addressed.
- Guidelines were provided to effectively integrate ChatGPT into the audit process.
- Strategies for conducting research and gathering information using ChatGPT were shared, along with tips for critically evaluating and verifying the obtained information.
- Participants were guided on ensuring compliance with professional standards, data privacy, and confidentiality requirements.
- Real-life scenarios were presented to demonstrate how ChatGPT can be utilized by audit staff in various audit tasks, such as research, risk assessment, data analysis, and report writing.
- Outcomes and lessons learned from actual audit engagements where ChatGPT was used were discussed.
- The importance of maintaining critical thinking skills and independent judgment in the audit process was emphasized.
- Guidance was provided on when and how to validate ChatGPT's outputs through independent research and verification.
- Participants were encouraged to exercise caution and rely on their professional judgment when utilizing ChatGPT.
- Risks associated with using ChatGPT were discussed, and strategies to mitigate those risks were explored.
- The significance of data security, confidentiality, and protecting sensitive information while using AI models was highlighted.
- Internal controls and quality assurance measures for managing the use of ChatGPT within the audit function were examined.
Learning Objectives
Learning Objectives for the CPE Event:
- Understand the fundamentals of ChatGPT
- Comprehend the limitations and risks of using ChatGPT
- Explore best practices for integrating ChatGPT into the audit process
- Enhance critical thinking skills and independent judgment
- Manage risks and ensure compliance
- Learn from real-life case studies and practical applications
- Foster a culture of continuous learning and professional development
- Explore the potential benefits and considerations of ChatGPT usage in the internal audit profession.
Key Issues on the Agenda
The major agenda items within this intense CPE training event are:
- Introduction and Overview
- Understanding ChatGPT and its Limitations
- Best Practices for Using ChatGPT in Internal Auditing
- Case Studies and Practical Applications
- Critical Thinking and Independent Judgment
- Risk Management and Controls
- Conclusion and Wrap-up
Summary of Subject Matter
An internal auditor can utilize ChatGPT in their day-to-day work in several ways:
- Research and Information Gathering: ChatGPT can be used to quickly retrieve information, definitions, regulations, or industry standards. It can assist in conducting preliminary research on audit topics or provide access to up-to-date information that may be helpful in understanding complex concepts or regulations.
- Scenario Analysis and Risk Assessment: ChatGPT can help in performing scenario analyses by providing insights or assisting in evaluating potential risks associated with specific situations or business processes. It can simulate different scenarios based on the inputs provided by the auditor, allowing for better risk assessment and decision-making.
- Documentation and Report Writing: ChatGPT can assist in generating well-structured and concise documentation. It can help internal auditors by suggesting appropriate templates, providing guidance on report writing best practices, or offering language assistance to improve the clarity and effectiveness of audit reports.
- Data Analysis and Visualization: ChatGPT can aid in data analysis tasks by suggesting statistical techniques, data visualization tools, or identifying patterns in large datasets. It can also provide guidance on data quality assessment, outlier detection, or data validation techniques.
- Process Improvement and Controls Evaluation: ChatGPT can offer insights into process improvement opportunities by suggesting best practices or recommending control measures based on industry standards. It can assist in identifying potential control gaps or weaknesses in current processes and provide suggestions for strengthening internal controls.
- Professional Development and Training: ChatGPT can serve as a learning resource for auditors by answering questions related to auditing standards, methodologies, or professional guidelines. It can provide guidance on continuing professional education (CPE) topics, offer case studies for training purposes, or facilitate discussions on complex audit issues.
It is important to note that while ChatGPT can provide valuable assistance, it should not replace critical thinking, professional judgment, or independent verification. Internal auditors should use their expertise and exercise caution when relying on AI models, ensuring that the information obtained aligns with recognized standards and organizational requirements.
NASBA Program Disclosure
Program Level of Understanding: Intermediate - Advanced
Prerequisites: None
Advance Preparation: None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour