Innovation is essential in this fast-paced world of business, where information is the currency. The accounting industry is witnessing a transformation in the method of auditing, thanks to the latest technologies, such as blockchain and artificial intelligence (AI) and data analytics and robotic procedure automation transforming processes and delivering more efficient and effective results for clients.
The ability to swiftly process and organize huge volumes of complex data at a speed previously unimaginable is allowing auditors to present more insightful insights than ever before. Improved analytical tools can help in identifying unusual transactions, latent patterns or other issues that navigate to this web-site might otherwise be missed and allowing auditors to modify risk assessment procedures accordingly. These tools also help to spot potential future issues and predict the performance of a business.
Automation and specialized software are also reducing the amount of manual processing and reviewing work. For example, Argus is an AI-enabled document analysis tool that uses natural machine learning and language processing to swiftly analyze electronic documents, and is used by Deloitte auditors to help accelerate electronic document review, enabling more focus on important tasks like reviewing risk and verifying results.
Despite these advantages however, there are a variety of barriers that prevent the full use and adoption of technology in auditing. Specifically, research has highlighted the fact that a mix of person work, task and environmental factors affect the use of technology for audit. These include the perceived impact on independence and a lack of clarity around the regulatory response to the use of technology which may affect the appetite to implement it in practice.
