Innovative Technologies for Audit

In a world of fast-paced business where information is the currency, innovation is essential. The accounting industry is experiencing a revolution in the method of auditing, thanks to the latest technologies, such as blockchain and artificial intelligence (AI) and data analytics and robotic procedure automation transforming processes and providing more efficient and effective outcomes for clients.

The ability to rapidly process and organize massive amounts of complex data at a pace previously unimaginable is enabling auditors to deliver more insightful insights than ever before. Improved analytical tools can help in identifying unusual transactions, latent patterns or other issues that may otherwise be overlooked, allowing auditors to tailor risk assessment procedures to suit. These tools also assist in identifying future issues and make predictions about the performance of a business.

Automated software and specialized programs can also reduce the amount of manual processing and reviewing. Argus for instance, is an AI-enabled tool that utilizes machine learning and natural language processing to efficiently analyze electronic files. Deloitte audits use it to speed up electronic review of documents and allow them to concentrate more on tasks that are high-value, such as checking for risk and verifying results.

Despite these advantages however, many obstacles have been identified that inhibit the full use of technology in the audit process. Particularly, research has revealed that a combination of person, task and environmental factors affect the use of technology for audit. This includes the perceived impact on independence and a lack of clarity about the regulatory response to the use of technology which can affect the desire for its implementation in practice.

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