06 Juin 2024

Innovative Technologies for Audit


Innovation is essential in the business world that is constantly changing in which information is the primary currency. The accounting industry is experiencing a revolution with the ways audits and other processes are carried out. Emerging technologies such as Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are transforming processes, resulting in more efficient outcomes for clients.

The ability to swiftly process and organize huge volumes of complicated data at a speed previously unimaginable is enabling auditors to provide more insightful insights than ever before. Enhanced analytical tools can assist in identifying unusual transactions, latent patterns or other issues that may otherwise be overlooked, allowing auditors to tailor the risk assessment process to suit. These tools can also assist to identify future problems and predict the performance of a company.

Similarly, the use of automation and specialized software is reducing the manual work of reviewing and processing. Argus for instance, is an AI-enabled software that makes use of machine learning and natural language processing to quickly search electronic documents. Deloitte audits use it to speed up electronic review of documents, allowing them to focus more on tasks that are high-value, such as the assessment of risk and confirming results.

Despite these advantages However, there are a myriad of barriers that prevent the complete adoption and utilization of technology in auditing. Particularly, research has demonstrated the fact that a variety of individual tasks, environmental and other factors influence the use and application of technology for audit. This is reflected in the perceived impact on the independence of the auditor and the lack of clarity in the regulatory response towards the use of technology.

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