In a world of fast-paced business where information is the primary currency innovation is vital. The accounting industry is experiencing an evolution in the process of audits as well as other processes are carried out. Emerging technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are changing processes, providing better outcomes for clients.
Auditors can now deliver more insightful insights due to the ability to analyze and organize large amounts of complex information at a rate previously impossible. The use of enhanced analytical tools enables auditors to spot irregular transactions, latent patterns or other issues they might otherwise overlook, and adjust their risk assessment procedures accordingly. These tools also aid in identifying future issues and help make predictions about the performance of a firm.
Similar to that, the use automation and software that is specialized is reducing manual review and processing. For instance, Argus is an AI-enabled document analysis software that employs natural machine learning and language processing to swiftly analyze electronic documents. It is used by Deloitte auditors to accelerate electronic document review and allowing more time to focus on important tasks like assessing risk and verifying findings.
Despite these benefits however, there are a variety of obstacles that hinder full implementation and use of technology in auditing. Specifically, research has highlighted that a combination of person, task and environmental factors influence 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.
