In a fast-paced business environment where information is the primary currency, innovation is essential. The accounting industry is experiencing changes in the methods in which audits and other procedures are carried out. New technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are revolutionizing processes, enabling more efficient outcomes for customers.
The ability to rapidly process and organize huge amounts of complex data at a rate previously unimaginable is allowing auditors to deliver more insightful insights than ever before. The use of advanced read the full info here analytical tools allows auditors to detect unusual transactions, patterns of latent activity, or other issues they might otherwise overlook, and adapt their risk assessment processes accordingly. These tools also help identify future issues and help make predictions about the performance of a firm.
Automated software and specialized programs can also reduce the amount of manual work and reviewing. Argus is one example. It is an AI-enabled program that utilizes machine learning and natural language processing to quickly analyze electronic documents. Deloitte audits use it to speed up electronic review of documents, allowing them to focus more on the high-value tasks such as reviewing risk and verifying results.
Despite these advantages, there are a number of obstacles that hinder full use and adoption of technology in auditing. Research has demonstrated that a mix of factors, including the person job, task, and environmental that can affect the use of technology for audit. This includes the perceived impact on the independence of the auditor and the lack of clarity regarding the regulatory response to the use of technology.
