Audit and Assurance of AI Algorithms: A framework to ensure ethical algorithmic practices in Artificial Intelligence

Algorithms are becoming more widely used in business, and businesses are becoming increasingly concerned that their algorithms will cause significant reputational or financial damage. We should emphasize that any of these damages stem from situations in which the United States lacks strict legislative prohibitions or specified protocols for measuring damages. As a result, governments are enacting legislation and enforcing prohibitions, regulators are fining businesses, and the judiciary is debating whether or not to make artificially intelligent computer models as the decision-makers in the eyes of the law. From autonomous vehicles and banking to medical care, housing, and legal decisions, there will soon be enormous amounts of algorithms that make decisions with limited human interference. Governments, businesses, and society would have an algorithm audit, which would have systematic verification that algorithms are lawful, ethical, and secure, similar to financial audits. A modern market, auditing, and assurance of algorithms developed to professionalize and industrialize AI, machine learning, and related algorithms. Stakeholders of this emerging field include policymakers and regulators, along with industry experts and entrepreneurs. In addition, we foresee audit thresholds and frameworks providing valuable information to all who are concerned with governance and standardization. This paper aims to review the critical areas required for auditing and assurance and spark discussion in this novel field of study and practice.