Innovative Technologies for Audit

In a fast-paced business environment where information is the primary currency and innovation is a must. The accounting industry is witnessing a transformation in the methods of conducting audits, with emerging technologies such as blockchain and artificial intelligence (AI) and data analytics and robotic process automation transforming processes and enabling more efficient and effective results for clients.

Auditors can now provide more insightful insights because of the capability to analyze and organize large amounts of complex data at a speed previously impossible. Advanced analytical tools can aid in identifying unusual transactions, latent patterns or other issues that may otherwise be missed and allow auditors to adjust processes for risk assessment to suit. These tools can also help identify future issues and provide predictions regarding the performance of a firm.

Automated software and specialized programs can also reduce the amount of manual processing and reviewing. Argus is a good example. It is an AI-enabled tool which makes use of machine learning and natural language processing to swiftly search electronic documents. Deloitte audits use it to accelerate electronic document reviews, allowing them to focus more on the high-value tasks such as assessing risk and verifying results.

Despite these benefits However, there are a myriad of obstacles that hinder the full adoption and use of technology in auditing. Research has proven that a number of factors, including the person job, task, and environmental, can impact the use technology for audit. This includes the perception of the impact on independence as well as a lack of clarity on the regulatory response to the use of technology, which could affect the motivation for implementing it in practice.