Innovative Technologies for Audit

In the fast-paced world of business where information is the primary currency innovation is crucial. The accounting industry is undergoing an evolution in the ways audits and other processes are conducted. Emerging technologies such as Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are revolutionizing processes, providing more efficient outcomes for clients.

Auditors can now deliver more insightful and accurate information because of the capability to process and organize huge amounts of data that are complex at a pace previously unimaginable. The latest analytical tools can aid in identifying unusual transactions, latent patterns or other issues that may otherwise be missed, allowing auditors to tailor processes for risk assessment to suit. These tools also help identify future issues and make predictions about the performance of a firm.

Automated software and specialized programs can also reduce the amount of manual work and reviewing. Argus is one example. It is an AI-enabled tool that makes use of machine learning and natural language processing to efficiently search electronic documents. Deloitte audits use it to accelerate electronic document reviews which allows them to concentrate more on the high-value tasks such as checking for risk and verifying results.

Despite these benefits however, there are a variety of barriers that prevent the full implementation and use of technology in auditing. Research has shown that a combination of factors, including person, task, and environment, can impact the use technology for audit. These include the perception of the impact on independence and lack of clarity about the regulatory response to the use of technology which could affect the motivation for its implementation in practice.

https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods