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5 key lessons from IIA GAM: A new direction for Audit and Finance

5 key lessons from IIA GAM: A new direction for Audit and Finance

Reflecting on the discussions and insights from IIA GAM 2024, it’s clear that the future of audit and finance is intricately woven with the threads of artificial intelligence. MindBridge AI stood at the forefront, leading conversations on the transformative influence of AI in enhancing audit analytics, reporting efficiency, risk detection, and compliance.  

This conference underscored a fundamental truth: embracing AI in audit and finance has transitioned from a forward-thinking idea to an operational necessity. With MindBridge AI guiding the way, organizations are empowered to harness the full potential of AI, across enormous amounts of unstructured numerical data generated by enterprise operations and financial transactions. This evolution to strategic technology allows for greater adoption and a competitive edge in the evolving landscape. 


5 key lessons from IIA GAM: A new direction for Audit and Finance


1. Navigating the new Global Internal Audit Standards

As the audit and finance landscape evolves, so do the frameworks that guide our practices. The upcoming Global Internal Audit Standards™ introduce a period of adaptation, demanding that organizations not only prepare for compliance but also leverage these standards as a catalyst for enhancing audit quality and effectiveness.  

Released on January 9, 2024, and effective by January 9, 2025, the new Global Internal Audit Standards™ are essential for the global practice of internal auditing, emphasizing 15 guiding principles for effective auditing. Organizations are encouraged to adopt these standards early, utilizing the transition period to align with the new guidelines seamlessly.

MindBridge’s AI-driven insights play a crucial role in this transition, offering a proven and accepted AI foundation for organizations to not only meet but exceed these new benchmarks. 


2. Balancing technology’s opportunities and risks

The double-edged sword of technological advancement presents both unprecedented opportunities and significant risks. The capacity to analyze complex datasets with AI reveals insights previously out of reach, yet it also necessitates a heightened vigilance against cyber threats and technological vulnerabilities.  

MindBridge’s platform embodies this balance, providing the tools needed to seize technology’s benefits with out-of-the-box implementation efficiency. 

Validating our commitment to responsible AI use, an intensive audit conducted by Holistic AI, leaders in AI governance and auditing, commended MindBridge’s algorithms for demonstrating a low-risk profile across various dimensions. This specialized audit, alongside our SOC2 Type 2 & SOC3 Type 2 Attestations, assures clients of our platform’s security and trustworthiness, instilling confidence in our AI and algorithms.


3. Engaging with the board on emerging technologies

Proactive dialogue with the board about emerging technologies and risks is essential. This engagement ensures strategic alignment and prepares the organization for future challenges. 

MindBridge AI enables this conversation, offering clear, actionable insights that translate complex AI capabilities into strategic advantages, empowering boards to trust business judgement and allow for informed decisions. 


4. Embracing a different mindset for the future

The mandate to “THINK DIFFERENT” captures the essence of our time. The future of audit and finance requires a departure from conventional thinking, championing innovation and embracing new perspectives.

Under the leadership of Sally-Anne Pitt, the 2023-24 IIA Global Board Chair known for questioning norms and driving innovation, this shift towards fresh thinking and adaptability becomes even more critical in the face of emerging challenges and opportunities.

MindBridge stands as a beacon for this cognitive shift, challenging norms and fostering a culture of continuous innovation and assistance to the transformation of audit and finance teams. 


5. Future-proofing with AI-Driven Financial Analysis

The integration of AI into financial analysis and audit processes is not just about maintaining pace with technological advancements—it’s about setting the pace. Under the leadership of Stephen DeWitt, our new CEO, MindBridge’s journey underscores a commitment to innovation, transparency, and efficiency, ensuring that organizations are not merely adapting to change but are at the forefront of defining it. 

As Stephen emphasizes, the absence of AI in audit and finance operations is unimaginable, and the time for adoption is now.

Our journey, validated by Holistic AI and reinforced by comprehensive certifications, establishes MindBridge as a transformative leader in this era.

For more information on how AI can future-proof your audit and finance operations, book a one-on-one conversation with a MindBridge expert.  

If you’re eager to continue exploring the impact on AI in Audit, we invite you to take our Internal Audit – 7-point AI-readiness Assessment. This assessment offers a valuable starting point for understanding how ready your organization is for this shift.