  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.
