Innovative Technologies for Audit

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June 6, 2024 12:00 am | Leave your thoughts

In this fast-paced business world where information is the currency, innovation is essential. The accounting industry is experiencing a revolution in the methods of conducting audits, with emerging technologies such as blockchain, artificial intelligence (AI) and data analytics and robotic process automation transforming processes and providing more efficient and effective results for clients.

The ability to rapidly process and organize huge amounts of complex data at a rate previously unimaginable allows auditors to deliver more insightful insights than ever before. Improved analytical tools can help in identifying unusual transactions, latent patterns or other issues that might otherwise be missed and allow auditors to adjust risk assessment procedures accordingly. These tools can also help identify future issues and make predictions about the performance of a firm.

Automated software and specialized programs can also reduce the amount of manual processing and reviewing. For instance, Argus is an AI-enabled document analysis tool that uses natural language processing and machine learning to quickly analyze electronic documents, and is being utilized by Deloitte auditors to speed up the process of reviewing documents electronically, enabling more focus on important tasks like checking for risk and verifying results.

Despite these benefits, a number of barriers have been identified to hinder the full utilization of technology in the audit process. Particularly, research has demonstrated that a confluence of person work, task and environmental factors influence the use and application of technology in audit. These include the perception of the effect on independence as well as a lack of clarity around the regulatory response to the use of technology, which could affect the motivation for implementing it in practice.

https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods/

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