Innovation is essential in the fast-paced world of business in which information is the currency. The accounting industry is experiencing a major shift in the method of auditing, with new technologies like blockchain, artificial intelligence (AI) and data analytics and robotic procedure automation transforming processes and providing more efficient and effective outcomes for clients.
The ability to swiftly process and organize massive amounts of complex data at a pace previously unimaginable is allowing auditors to present more insightful insights than ever before. Enhanced analytical tools can assist in identifying unusual transactions, latent patterns or other issues that may otherwise be missed, allowing auditors to tailor risk assessment procedures accordingly. These tools can also assist to spot potential future issues, and to make predictions about the performance of a company.
Automated software and specialized programs are also reducing the amount of manual processing and reviewing. Argus for instance, is an AI-enabled program that uses machine learning and natural language processing to quickly interrogate electronic files. Deloitte audits use it to accelerate electronic document reviews which allows them to concentrate more on high-value activities like assessing risk and verifying results.
Despite these benefits, a number of barriers have been identified that inhibit the full utilization of technology in the audit process. Specifically, research has highlighted that a confluence of person tasks, environmental and other factors affect the use of technology for 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 https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents impact the enthusiasm to implement it in practice.