Innovative Technologies for Audit

In a world of fast-paced business where information is the currency and innovation is a must. The accounting industry is experiencing a revolution with the way audits and other processes are carried out. Emerging technologies such as Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are revolutionizing processes, providing more efficient outcomes for clients.

Auditors can now provide more insightful insights because of the capability to analyze and organize large amounts of complex data at a pace previously impossible. Enhanced analytical tools can assist in identifying unusual transactions, latent patterns or other issues that may otherwise be missed and allowing auditors to modify risk assessment procedures to suit. These tools also aid in identifying future issues and help make predictions about the performance of a company.

In the same way, the use of automated systems and specialized software is reducing the manual work of reviewing and processing. Argus, for example, is an AI-enabled tool that utilizes machine learning and natural language processing to efficiently examine electronic documents. Deloitte audits use it to speed up electronic document reviews, allowing them to focus more on the high-value tasks such as reviewing risk and verifying results.

However, despite these benefits, a number of barriers have been identified that inhibit the full implementation of technology in the audit process. Particularly, research has demonstrated the fact that a mix of person working, task and environmental variables affect the use of technology for audit. This is reflected in the perceived impact on the independence of auditors and the lack of clarity about the regulatory response towards the use of technology.

audit and its types objects methods