Innovative Technologies for Audit

In a fast-paced business environment where information is the primary currency innovation is crucial. Accounting is undergoing an era of change in the way audits and other processes are conducted. The latest technologies, such as Blockchain and artificial intelligence (AI) Data Analytics and robotic procedure automation are revolutionizing processes, providing better outcomes for clients.

The ability to quickly process and organize massive amounts of complex data at a rate previously unimaginable is enabling auditors to provide more comprehensive insights than ever before. Advanced analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that could otherwise be overlooked, allowing auditors to tailor risk assessment procedures accordingly. These tools also help to identify potential future issues and to make predictions about a company’s performance.

Automated software and specialized programs can also reduce the amount of manual work and reviewing. Argus, for example, is an AI-enabled software which makes use of machine learning and natural language processing to quickly examine electronic documents. Deloitte audits use it to speed up electronic review of documents, allowing them to focus more on high-value activities like reviewing risk and verifying results.

In spite of these benefits, there are a few obstacles have been identified to hinder the full use of technology in the audit process. Research has proven that a variety of factors, including person working, task, and the environment, can impact the use technology in audit. These include the perceived effect on independence as well as a lack of clarity on the regulatory response to the use of technology, which could affect the motivation for implementing it in practice.

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