Innovative Technologies for Audit

In a fast-paced business environment where information is the currency, innovation is essential. The accounting sector is experiencing 3 reasons to invest in document compliance a paradigm shift in the methods of conducting audits, using new technologies like blockchain, artificial intelligence (AI) and data analytics and robotic procedure automation changing processes and providing more efficient and effective outcomes for clients.

The ability to quickly process and organize massive amounts of complex data at a rate previously unimaginable has enabled auditors to deliver more insightful insights than ever before. Improved analytical tools can help in identifying irregular transactions, patterns that are not apparent or other issues that may otherwise be missed, allowing auditors to tailor the risk assessment process to suit. These tools also help identify future issues and provide predictions regarding the performance of an organization.

Similar to that, the use automated systems and specialized software reduces the manual work of reviewing and processing. Argus is a good example. It is an AI-enabled program which makes use of machine learning and natural language processing to rapidly search electronic documents. Deloitte audits use it to accelerate electronic review of documents, allowing them to focus on more valuable tasks like the assessment of risk and confirming results.

Despite these advantages however, there are a variety of obstacles that hinder full implementation and use of technology in auditing. Research has demonstrated that a variety of factors, including the person work, environment, and task, can impact the use technology in audit. These include the perceived impact on independence and a lack of clarity regarding the regulatory response to the use of technology which could affect the motivation to implement it in practice.