IsDB official highlights AI use in audit, financial management

The audit and financial management platform used by international financial institutions has been developed based on artificial intelligence technologies.

Report informs that Aamir Ghani Mir, Manager for Project Procurement and Financial Management at the Islamic Development Bank (IsDB), said this at the "Digital Public Audit for Sustainable Regional Integration" event organized by Azerbaijan's Chamber of Accounts in Baku as part of the 51st Annual Meeting of the IsDB Group.

According to him, the platform is used to conduct annual and final audits of projects, prepare audit reports and monitor portfolio indicators.

"The system makes it possible to track the audit status of projects, whether they have been reviewed on time and existing issues in real time. This technology is currently used by the World Bank, the Inter-American Development Bank, IsDB and the Asian Development Bank," he said.

Aamir Ghani Mir noted that IsDB uses AI-based solutions in preparing audit reports.

"The system automatically receives financial audit reports and management letters, checks the data and prepares an initial audit assessment. Professional auditors then review these results, eliminate possible inconsistencies and add value," he said.