Innovation is essential in this fast-paced world of business, where information is the currency. The accounting industry is experiencing an evolution in the methods in which audits and other procedures are conducted. New technologies like Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are transforming processes, providing more efficient outcomes for customers.
Auditors are now able to provide more insightful insights due to the capability to process and organize huge amounts of complex data at a speed that was previously unimaginable. Advanced analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that might otherwise be overlooked auditing professionals to tailor processes for risk assessment to suit. These tools are also helping to identify future problems and to predict a company’s performance.
Automation and specialized software can also reduce the amount of manual work and reviewing. Argus is a good example. It is an AI-enabled tool that uses machine learning and natural language processing to swiftly interrogate electronic files. Deloitte audits use it to accelerate electronic review of documents and allow them to concentrate more on tasks that are high-value, such as the assessment of risk and confirming results.
In spite of these benefits However, a variety of obstacles have been identified that prevent the full use of technology in the audit process. Research has shown that a combination of factors, such as person work, environment, and task and their impact on the use of technology for audit. This includes the perception of an impact on the independence of auditors and the lack of clarity regarding the regulatory response to the use of technology.
