Innovative Technologies for Audit
In this fast-paced business world where information is the primary currency and innovation is a must. Accounting is undergoing changes in the methods in which audits and other procedures are carried out. Emerging software that automates the process of managing documents technologies such as Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are transforming processes, enabling more efficient outcomes for customers.
The ability to swiftly process and organize huge volumes of complex data at a rate previously unimaginable allows auditors to provide more insightful insights than ever before. Enhanced analytical tools can assist in identifying irregular transactions, patterns that are not apparent or other issues that might otherwise be missed auditing professionals to tailor risk assessment procedures to suit. These tools can also assist to identify possible future issues and predict the performance of a company.
In the same way, the use of automation and software that is specialized reduces manual review and processing. For instance, Argus is an AI-enabled document analysis tool that uses natural machine learning and language processing to quickly analyze electronic documents, and is used by Deloitte auditors to help accelerate electronic document review that allows more time for high value activities such as reviewing risk and verifying results.
Despite these advantages However, there are a myriad of obstacles preventing the complete adoption and utilization of technology in auditing. Research has revealed that a number of factors, including the person work, environment, and task that can affect the use of technology for audit. These include the perception of the impact on independence and a lack of clarity about the regulatory response to the use of technology which may affect the appetite for its implementation in practice.
