Mind of Jacka: 'Write Me a Report'

Introduction:

This report provides an overview of the findings from our audit of the accounts payable process at XYZ Company. Our audit focused on evaluating the effectiveness of the controls in place to ensure the accuracy and integrity of the accounts payable process.

Findings:

Our audit found that the controls over the accounts payable process at XYZ Company are ineffective. We identified several areas where controls are lacking or are not being properly implemented, which has led to a high level of risk for the company.

• Lack of segregation of duties: We found that the same individual is responsible for both entering vendor invoices into the accounts payable system and making payments to vendors. This lack of segregation of duties increases the risk of fraud and errors, as there is no independent review or verification of the invoices and payments.
• Inadequate review and approval of invoices: We found that invoices are not being reviewed and approved by appropriate individuals before being entered into the accounts payable system and paid. This lack of review and approval increases the risk of paying fraudulent or incorrect invoices.
• Inadequate documentation and supporting information: We found that many invoices do not have adequate documentation and supporting information, such as purchase orders or receiving reports. This makes it difficult to verify the accuracy and legitimacy of the invoices.

Conclusion:

Overall, our audit found that the controls over the accounts payable process at XYZ Company are ineffective. The lack of segregation of duties, inadequate review and approval of invoices, and inadequate documentation and supporting information all increase the risk of errors and fraud in the accounts payable process. We recommend implementing improved controls to address these issues and reduce the risk to the company. 

Pretty standard stuff, isn't it? In fact, you've probably got a few reports that, save for particulars regarding formatting, organizational nomenclature, and departmental peculiarities, look remarkably similar. In fact, if you are like me, you've written those reports, in all their scintillating glory.

Boy, have I got bad news for you.

Lately there's been a bit of hubbub about an AI called ChatGPT. You may have heard about it. You can access it here. ChatGPT is a large language model chatbot. Enter questions or commands and it provides answers. Play with it; it's fun.

Fun indeed. But now to the bad news. I entered "Write an internal audit report about accounts payable," and the result was the report you see above — a report that looks like a normal audit report, a report that looks like some of the reports you've got buried in your files, a report that looks like something you may have written yesterday.

I don't have a lot more to say. (And seldom are my comments shorter than the item I reference. Enjoy the break.) Because I believe this is the perfect example of res ipsa loquitor.

But I'll add this thought. You think you can't be replaced? Think again.

Oh yeah, one more thing. Please don't enter "internal audit blog post." I don't need the competition.