In the fast-paced world of business where information is the primary currency, innovation is essential. The accounting industry is going through an era of change in the ways audits and other processes are conducted. The latest technologies, such as Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are revolutionizing processes, resulting in more efficient results for clients.
The ability to quickly process and organize huge volumes of complex data at a pace previously unimaginable allows auditors to present more insightful insights than ever before. Improved analytical tools can help in identifying irregular transactions, patterns that are not apparent or other issues that might otherwise be overlooked and allow auditors to adjust the risk assessment process to suit. These tools are also helping to spot potential future issues and make predictions about the performance of a business.
Automation and specialized software can also reduce the amount of manual processing and reviewing work. Argus, for example, is an AI-enabled program that uses machine learning and natural language processing to efficiently analyze electronic documents. Deloitte audits use it to speed up electronic review of documents, allowing them to focus more on high-value activities like assessing risk and verifying results.
Despite these benefits however, there are a variety of obstacles that hinder the full use and adoption of technology in auditing. Research has revealed that a number of factors, including person, task, and environment, can impact the use 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 to the use of technology.
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