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The AI in Business Podcast
Audit’s Evolving Role in Business Intelligence for Heavy Industry - with Eric Wilson of Gulfport
Nov 21, 2024
22:41
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Eric Wilson, Director of Internal Audit and Chief Audit Executive at Gulfport Energy, shares his expertise in navigating the evolving landscape of audits in heavy industries. He discusses the critical role of AI in reshaping auditing practices, urging auditors to adapt to technological advancements while managing risks. Eric highlights the importance of collaboration between teams to tackle market volatility and the shift from deterministic to probabilistic auditing methods. He emphasizes a controlled approach to integrating AI for better decision-making in the oil and gas sector.
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Quick takeaways
- Auditors must adapt to emerging technologies like AI, proactively educating themselves to provide accurate guidance in critical initiatives.
- Successful integration of AI in the oil and gas sector requires aligning technology with strategic business objectives while remaining flexible to market changes.
Deep dives
Challenges in Audit Risk Management
The primary challenge auditors face today is the risk of audit itself becoming a significant liability. As organizations increasingly seek auditors' insights on large projects like system implementations and mergers, auditors must adapt their skillsets to keep pace with emerging technologies, particularly AI. This shifting landscape requires auditors to proactively educate themselves about these technologies to provide accurate guidance and assurance. Failing to do so risks steering management in the wrong direction on critical initiatives where both parties might lack adequate knowledge.
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Discover
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