In a world of fast-paced business where information is the primary currency innovation is crucial. The accounting industry is experiencing an evolution in the way audits and other processes are conducted. The latest technologies, such as Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are transforming processes, creating more efficient outcomes for clients.
Auditors can now deliver more insightful insights because of the ability to process and organize huge amounts of complex data at a speed that was previously impossible. The use of more sophisticated analytical tools allows auditors to identify unusual transactions, patterns that are not apparent or other issues that they would otherwise miss, and to modify their risk assessment processes accordingly. These tools can also help identify future issues and help make predictions innovative technologies for audit about the performance of a business.
In the same way, the use of automation and the use of specialized software reduces manual review and processing. For instance, Argus is an AI-enabled document analysis tool that utilizes natural machine learning and language processing to quickly query electronic documents, and is being used by Deloitte auditors to accelerate the review of electronic documents which allows them to concentrate on high value activities such as assessing risk and verifying findings.
However, despite these benefits However, a variety of obstacles have been identified that inhibit the full use of technology in the audit process. Particularly, research has revealed that a confluence of person work, task and environmental factors influence the use of technology for audit. This includes the perception of an impact on the independence of the auditor as well as the lack of clarity on the regulatory response towards the use of technology.
