Innovative Technologies for Audit

In this fast-paced business world where information is the primary currency and innovation is a must. The accounting industry is experiencing a revolution with the way audits and other processes are conducted. New technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are transforming processes, enabling more efficient outcomes for customers.

The ability to rapidly process and organize massive amounts of complex data at a pace previously unimaginable has enabled auditors to provide more insightful insights than ever before. Enhanced analytical tools can assist in identifying irregular transactions, patterns that are not apparent or other issues that might otherwise be overlooked, allowing auditors to tailor the risk assessment process to suit. These tools are also helping to identify future problems, and to make predictions about the performance of a business.

Automation and specialized software are also reducing the amount of manual processing and reviewing work. Argus, for example, is an AI-enabled tool that uses machine learning and natural language processing to efficiently analyze electronic files. Deloitte audits use it to accelerate electronic document reviews, allowing them to focus more on tasks that are high-value, such as checking for risk and verifying results.

Despite these benefits, there are a number of obstacles that hinder full use and adoption of technology in auditing. Specifically, research has highlighted that a confluence of person tasks, environmental and other factors influence the use and application 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.

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