In a fast-paced business environment where information is the currency, innovation is essential. The accounting sector is experiencing a paradigm shift in the methods of conducting audits, with emerging technologies such as blockchain, artificial intelligence (AI) data analytics and robotic procedure automation changing processes, resulting in more efficient and effective results for clients.
The ability to swiftly process and organize huge volumes of complex data at a pace previously unimaginable is allowing auditors to provide more insightful insights than ever before. The use of enhanced analytical tools allows auditors the ability to identify unusual transactions, patterns of latent activity or other problems they might otherwise overlook, and adapt their risk assessment procedures to suit. These tools can also assist to identify possible future issues and predict the performance of a company.
Similar to that, the use automated systems and specialized software is reducing manual processing and review work. Argus is a good example. It is an AI-enabled software that uses machine learning and natural language processing to rapidly search electronic documents. Deloitte audits use it to accelerate electronic review of documents and allow https://data-audit.net/2021/07/13/generated-post-2 them to concentrate more on the high-value tasks such as assessing risk and verifying results.
Despite these advantages however, many obstacles have been identified to hinder the full utilization of technology in the audit process. Research has proven that a combination of factors, including people working, task, and the environment and their impact on the use of technology in audit. These include the perceived impact on independence and lack of clarity on the regulatory response to the use of technology, which can affect the desire for implementing it in practice.