RPA bots can be configured to extract, validate, consolidate, and cleanse the data from various source systems in preparation for audits. AI can be used for advanced analysis such as identifying errors or outliers in the data to identify any potential audit risks. The bots can then perform automated testing of controls such as testing of account balances, verification of transactions, and ensuring compliance with policies and regulations. They can also automatically document test results and provide detailed test reports.
This provides a clear overview of potential risks and ensures that there are controls in place to mitigate them. It also ensures that all controls are properly tested and evaluated.