Innovative Technologies for Audit

Innovation is essential in this business world that is constantly changing, where information is the primary currency. The accounting industry is undergoing an era of change in the way audits and other processes are conducted. Emerging technologies such as Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are changing processes, providing more efficient outcomes for clients.

Auditors can now provide more insightful insights because of the ability to analyze and organize large amounts of data that are complex at a pace previously unimaginable. The use of sophisticated analytical tools enables auditors to spot unusual transactions, latent patterns, or other issues they would not otherwise notice, and to modify their risk assessment procedures to suit. These tools are also helping to identify potential future issues and to make predictions about a company’s performance.

Similarly, the use of automation and specialized software reduces manual review and processing. For example, Argus is an AI-enabled document analysis tool that utilizes natural language processing and machine learning to rapidly interrogate electronic documents, and is utilized by Deloitte auditors to help accelerate electronic document review, enabling more focus on the most valuable tasks, such as assessing risk and verifying results.

Despite these benefits, there are a number of obstacles that hinder full use and adoption of technology in auditing. Research has shown that a combination of factors, such as person working, task, and the environment that can affect the use of technology for audit. These include the perception of the impact on independence and lack of clarity around the regulatory response to the use of technology, which could affect the motivation for implementing it in practice.

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