Innovative Technologies for Audit
Innovation is vital in this fast-paced business world in which information is the primary currency. The accounting industry is experiencing a revolution in the manner in which audits are conducted using new technologies like blockchain, artificial intelligence (AI), data analytics and robotic process automation transforming processes and providing more efficient and effective results for clients.
Auditors can now provide more insightful insights due to the capability to analyze and organize large amounts of data that are complex at a speed that was previously unimaginable. The use of more sophisticated analytical tools allows auditors to identify unusual transactions, patterns of latent activity or other issues that they would otherwise overlook and to modify their risk assessment procedures to suit. These tools also help identify future problems and make predictions about the performance of an organization.
In the same way, the use of automation and specialized software is reducing the manual work of reviewing and processing. For instance, Argus is an AI-enabled document analysis tool that makes use of natural machine learning and language processing to rapidly interrogate electronic documents, and is used by Deloitte auditors to help accelerate electronic document review which allows them to concentrate on high-value tasks like reviewing risk and verifying findings.
In spite of these benefits, there are a few obstacles have been identified that hinder the full adoption of technology in the audit process. Specifically, research has highlighted the fact that a mix of person tasks, environmental and other factors affect the use of technology for audit. This is evident in the perceived impact on the independence of the auditor, and the lack of clarity in the regulatory response to the use of technology.
