Innovation is crucial in the business environment that is fast-paced in which information is the primary currency. The accounting industry is going through an era of change in the methods in which audits and other procedures are conducted. Emerging technologies like Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are transforming processes, creating better outcomes for clients.
Auditors can now deliver more insightful and accurate information because of the capability to process and organize large quantities of data that are complex at a pace previously impossible. Enhanced analytical tools can assist in identifying irregular transactions, patterns that are not apparent or other issues that may otherwise be missed and allowing auditors to modify risk assessment procedures accordingly. These tools also help to identify possible future issues, and to make predictions about the company’s performance.
Automation and specialized software can also reduce the amount of manual work and reviewing. For example, Argus is an AI-enabled document analysis tool that makes use of natural language processing and machine learning to quickly analyze electronic documents. It is being utilized by Deloitte auditors to help speed up electronic document review which allows them to concentrate on high value activities such as assessing risk and verifying findings.
Despite these advantages, there are a few obstacles have been identified that hinder the full use of technology in the audit process. Particularly, research has shown that a confluence of person, task and environmental factors affect the use of technology for audit. This is evident in the perceived impact on the independence of the auditor as well as the lack of clarity in the regulatory response towards the use of technology.
https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods
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