Innovative Technologies for Audit

In a fast-paced business environment where information is the primary currency and innovation is a must. Accounting is undergoing a revolution with the methods in which audits and other procedures are conducted. The latest technologies, such as Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are revolutionizing processes, creating more efficient outcomes for clients.

Auditors can now provide more insightful and accurate information because of the ability to process and organize large volumes of data that are complex at a speed that was previously unimaginable. The latest analytical tools can aid in identifying unusual transactions, latent patterns or other issues that could otherwise be missed, allowing auditors to tailor processes for risk assessment to suit. These tools can also help identify future issues and provide predictions regarding the performance of an organization.

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 utilizes natural machine learning and language processing to quickly query electronic documents, and is being used by Deloitte auditors to help speed up the process of reviewing documents electronically, enabling more focus on high-value tasks like reviewing risk and verifying findings.

Despite these advantages, there are a few obstacles have been identified to hinder the full utilization of technology in the audit process. Research has proven that a mix of factors, including person, task, and environment and their impact on the use of technology in audit. This is reflected in the perceived impact on the independence of auditors and the lack of clarity on the regulatory response to the use of technology.

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