ITCEN Core said on Tuesday it has applied an AI-based auto-assessment service to its internal control over financial reporting solution, MicroICM.

The company said listed firms and large companies currently put significant time and manpower into reviewing large volumes of supporting documents during internal control assessments, checking whether populations match evidence and documenting the results.

The service introduced by ITCEN automatically verifies and analyses work performed in internal control assessments, from population validation to evidence submission and review and control activity evaluation. It also presents assessment opinions.

It combines optical character recognition (OCR), generative AI and retrieval-augmented generation (RAG) to support various file formats such as PDF, images and Excel. AI automatically analyses key process documents such as vouchers, contracts and transaction statements for purchasing, sales, funds and human resources, and compares them with populations for verification. It also enables customised checks tailored to each company’s assessment criteria and control objectives.

An ITCEN Core official said companies recently face the task of securing both efficiency and reliability in evaluating internal control systems. The official said the AI auto-assessment service will reduce assessors’ workload while providing a new assessment environment that supports higher assessment quality and audit responses.

ITCEN Core plans to continue expanding AI services into various areas including risk monitoring and compliance management based on its internal control system solution. It plans to support companies in building comprehensive digital audit and risk management systems.