In the fast-paced world of business where information is the currency and innovation is a must. The accounting industry is experiencing a major shift in the manner in which audits are conducted thanks to the latest technologies, such as blockchain and artificial intelligence (AI) data analytics and robotic procedure automation revolutionizing processes and providing more efficient and effective outcomes for clients.
Auditors can now provide more insightful information due to the capability to process and organize large volumes of complex data at a rate previously unimaginable. The latest analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that would otherwise be missed and allow auditors to adjust risk assessment procedures to suit. These tools also help identify future issues and make predictions about the performance of a firm.
Automated software and specialized programs can also reduce the amount of manual work and reviewing. For example, Argus is an AI-enabled document analysis software that employs natural machine learning and language processing to quickly analyze electronic documents, and is utilized by Deloitte auditors to accelerate electronic document review that allows more time for the most valuable tasks, such as assessing risk and verifying findings.
Despite these advantages However, there are a myriad of obstacles preventing the full adoption and use of technology in auditing. Research has proven that a number of factors, such as person working, task, and the environment and their impact on the use of technology in audit. This includes the perception of the impact on independence and a lack of clarity regarding the regulatory response to the use of technology which can impact the enthusiasm to implement it in practice.
