In a fast-paced business environment where information is the currency, innovation is essential. The accounting sector is experiencing a paradigm shift in the methods of conducting audits, thanks to the latest technologies, such as blockchain and artificial intelligence (AI) data analytics and robotic procedure automation transforming processes and enabling more efficient and effective outcomes for clients.
Auditors can now deliver more insightful information due to the ability to process and organize large volumes of complex data at a speed that was previously unimaginable. Advanced analytical tools can aid in identifying unusual transactions, latent patterns or other issues that would otherwise be overlooked and allowing auditors to modify processes for risk assessment to suit. These tools also aid in identifying future issues and help make predictions about the performance of an organization.
Automated software and specialized programs can also reduce the amount of manual processing and reviewing work. Argus, for example, is an AI-enabled software that utilizes machine learning and natural language processing to https://data-audit.net/2021/07/08/generated-post quickly search electronic documents. Deloitte audits use it to accelerate electronic document reviews which allows them to concentrate on more valuable tasks like assessing risk and verifying results.
However, despite these benefits, there are a few obstacles have been identified that hinder the full use of technology in the audit process. Research has proven that a combination of factors, including person work, environment, and task that can affect the use of technology in audit. These include the perceived impact on independence as well as a lack of clarity regarding the regulatory response to the use of technology, which can impact the enthusiasm to implement it in practice.
