Innovative Technologies for Audit

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Innovation is essential in the fast-paced business world in which information is the currency. The accounting industry is going through an evolution in the methods in which audits and other procedures are conducted. The latest technologies, such as Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are changing processes, creating more efficient outcomes for customers.

Auditors can now deliver more insightful and accurate information because of the ability to analyze and organize large amounts of complex data quickly at a pace previously unimaginable. The use of advanced analytical tools allows auditors to detect unusual transactions, patterns that are not apparent, or other issues they would otherwise miss, and adjust their risk assessment procedures accordingly. These tools can also assist to spot potential future issues and make predictions about the company’s performance.

Automated software and specialized programs are also reducing the amount of manual work and reviewing. Argus is one example. It is an AI-enabled software that uses machine learning and natural language processing to quickly analyze electronic documents. Deloitte audits use it to accelerate electronic review of documents and allow them to concentrate on more valuable tasks like assessing risk and verifying results.

Despite these benefits, a number of barriers have been identified that hinder the full adoption of technology in the audit process. Specifically, research has highlighted that a confluence of person, task and environmental factors affect the use of technology for audit. This is evident in the perceived impact on the independence of the auditor, and the lack of clarity on the regulatory response to the use of technology.

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