Innovative Technologies for Audit

In a world of fast-paced business where information is the primary currency and innovation is a must. The accounting industry is experiencing a major shift in the way audits are conducted, with new technologies like blockchain and artificial intelligence (AI), data analytics and robotic procedure automation changing processes and enabling more efficient and effective results for clients.

The ability to rapidly process and organize huge amounts of complicated data at a speed previously unimaginable has enabled auditors to provide more comprehensive insights than ever before. Enhanced analytical tools can assist in identifying irregular transactions, patterns that are not apparent or other issues that could otherwise be missed and allow auditors to adjust risk assessment procedures accordingly. These tools also assist in identifying future issues and help make predictions about the performance of a company.

Similar to that, the use automation and the use of specialized software reduces the manual work of reviewing and processing. For example, Argus is an AI-enabled document analysis tool that utilizes natural machine learning and language processing to rapidly interrogate electronic documents. It is used by Deloitte auditors to help accelerate the review of electronic documents which allows them to concentrate on the most valuable tasks, such as reviewing risk and verifying results.

Despite these benefits however, there are a variety of obstacles preventing the full implementation and use of technology in auditing. Research has shown that a combination of factors, such as person, task, and environment which can impact the use of technology in audit. This includes the perceived impact on independence and lack of clarity on the regulatory response to the use of technology, which can impact the enthusiasm to use it in the real world.

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