Innovative Technologies for Audit

In a world of fast-paced business where information is the primary currency and innovation is a must. The accounting industry is experiencing an era of change in the ways audits and other processes are conducted. Emerging technologies such as Blockchain and artificial intelligence (AI) Data Analytics and robotic procedure automation are transforming processes, resulting in more efficient results for clients.

The ability to quickly process and organize huge amounts of complex data at a speed previously unimaginable is enabling auditors to provide more insightful insights than ever before. Improved analytical tools can help in identifying unusual transactions, latent patterns or other issues that might otherwise be missed, allowing auditors to tailor risk assessment procedures to suit. These tools can also assist to identify possible future issues, and to predict the company’s performance.

Automation and specialized software are also reducing the amount of manual processing and reviewing. Argus is one example. It is an AI-enabled software that utilizes machine learning and natural language processing to rapidly search electronic files. Deloitte audits use it to accelerate electronic document reviews which allows them to concentrate more on high-value activities like the assessment of risk and confirming results.

Despite these advantages However, there are a myriad of barriers that prevent the complete adoption and utilization of technology in auditing. Particularly, research has revealed that a combination of person working, task and environmental variables affect the use of technology for audit. This is evident in the perceived impact on the independence of the auditor and the lack of clarity on the regulatory response to the use of technology.