Innovative Technologies for Audit

In the fast-paced world of business where information is the currency and innovation is a must. The accounting sector is experiencing a paradigm shift in the method of auditing, with emerging technologies such as blockchain, artificial intelligence (AI) data analytics and robotic procedure automation changing processes, resulting in more efficient and effective results for clients.

Auditors can now provide more insightful and accurate information because of the capability to analyze and organize large amounts of complex data at a speed that was previously impossible. The use of enhanced analytical tools enables auditors to spot irregular transactions, latent patterns, or other issues they would otherwise miss, and adjust their risk assessment procedures to suit. These tools also help identify future issues and help make predictions about the performance of a firm.

Similarly, the use of automated systems and specialized software reduces manual processing and review work. Argus is one example. It is an AI-enabled program that utilizes machine learning and natural language processing to rapidly analyze electronic documents. Deloitte audits use it to accelerate electronic document reviews which allows them to concentrate more on the high-value tasks such as reviewing risk and verifying results.

Despite these advantages, there are a number of obstacles preventing the full implementation and use of technology in auditing. Research has shown that a variety of factors, including people, task, and environment which can impact the use of technology in audit. These include the perceived impact on independence as well as a lack of clarity around the regulatory response to the use of technology, which can affect the desire to use it in the real world.

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