Innovative Technologies for Audit

In this fast-paced business world where information is the primary currency innovation is vital. The accounting industry is experiencing a revolution in the way audits are conducted, using new technologies like blockchain and artificial intelligence (AI) data analytics and robotic procedure automation transforming processes, resulting in more efficient and effective results for clients.

The ability to swiftly process and organize massive amounts of complex data at a pace previously unimaginable is allowing auditors to provide more comprehensive insights than ever before. The use of advanced analytical tools allows auditors the ability to identify unusual transactions, latent patterns or other problems they would not otherwise notice, and adapt their risk assessment procedures accordingly. These tools also help identify future issues and provide predictions regarding the performance of a company.

Automation and specialized software are also reducing the amount of manual work and reviewing. Argus is a good example. It is an AI-enabled program that uses machine learning and natural language processing to rapidly examine electronic documents. Deloitte audits use it to accelerate electronic review of documents and allow them to concentrate more on the high-value tasks such as reviewing risk and verifying results.

Despite these benefits, there are a few obstacles have been identified that inhibit the full utilization of technology in the audit process. Particularly, research has shown that a confluence of person work, task and environmental factors impact the use of technology for audit. This includes the perception of an impact on the independence of the auditor, and the lack of clarity regarding the regulatory response to the use of technology.

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