Innovation is essential in the fast-paced world of business in which information is the primary currency. The accounting industry is experiencing a revolution in the method of auditing, thanks to the latest technologies, such as blockchain, artificial intelligence (AI) data analytics and robotic process automation transforming processes and delivering more efficient and effective results for clients.
Auditors can now provide more insightful insights because of the ability to analyze and organize large amounts of complex data quickly at a pace previously unimaginable. Improved analytical tools can help in identifying irregular transactions, patterns that are not apparent or other issues that may otherwise be missed and allowing auditors to modify the risk assessment process to suit. These tools are also helping to identify possible future issues and also to predict a company’s performance.
Automation and specialized software are also reducing the amount of manual work and reviewing. For instance, Argus is an AI-enabled document analysis software that employs natural language processing and machine learning to quickly query electronic documents. It is used by Deloitte auditors to accelerate the review of electronic documents and allowing more time to focus on the most valuable tasks, such as assessing risk and verifying findings.
However, despite these benefits, a number of barriers have been identified that prevent the full utilization of technology in the audit process. Research has demonstrated that a variety of factors, such as person working, task, and the environment that can affect the use of technology for audit. This includes the perceived impact on the independence of auditors and the lack of clarity in the regulatory response to the use of technology.
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