Innovative Technologies for Audit

Innovation is crucial in the business environment that is fast-paced in which information is the currency. The accounting industry is experiencing a revolution in the methods of conducting audits, with emerging technologies such as blockchain and artificial intelligence (AI), data analytics and robotic procedure automation transforming processes, resulting in more efficient and effective results for clients.

Auditors are now able to provide more insightful insights due to the ability to process and organize large quantities of complex data quickly at a speed previously unimaginable. The use of enhanced like this analytical tools enables auditors to spot irregular transactions, latent patterns or other problems they would not otherwise notice, and to modify their risk assessment procedures according. These tools are also helping to identify future problems and also to predict the performance of a company.

Automated software and specialized programs can also reduce the amount of manual work and reviewing. Argus is one example. It is an AI-enabled program which makes use of machine learning and natural language processing to rapidly interrogate electronic files. Deloitte audits use it to accelerate electronic review of documents, allowing them to focus more on the high-value tasks such as checking for risk and verifying results.

Despite these advantages, there are a few obstacles have been identified that prevent the full adoption of technology in the audit process. Particularly, research has demonstrated that a confluence of person working, task and environmental variables impact the use of technology for audit. This includes the perception of an impact on the independence of auditors and the lack of clarity about the regulatory response to the use of technology.

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