In the fast-paced world of business where information is the primary currency innovation is vital. The accounting sector is experiencing a paradigm shift in the methods of conducting audits, with emerging technologies such as blockchain and artificial intelligence (AI), data analytics and robotic process automation transforming processes, resulting in more efficient and effective outcomes for clients.
The ability to swiftly process and organize huge amounts of complicated data at a speed previously unimaginable is allowing auditors to provide more insightful insights than ever before. The use of advanced analytical tools allows auditors to detect unusual transactions, patterns that are not apparent or other problems they would otherwise miss, and adjust their risk assessment procedures to suit. These tools also help identify future issues and make predictions about the performance of a company.
Automated software and specialized programs can also reduce the amount of manual work and reviewing. For example, Argus is an AI-enabled document https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/ analysis software that employs natural machine learning and language processing to quickly query electronic documents, and is used by Deloitte auditors to accelerate the review of electronic documents, enabling more focus on important tasks like reviewing risk and verifying findings.
Despite these benefits, there are a few obstacles have been identified that inhibit the full utilization of technology in the audit process. Research has revealed that a mix of factors, including people job, task, and environmental which can impact the use of technology in audit. This includes the perceived impact on independence and lack of clarity around the regulatory response to the use of technology which can affect the desire for implementing it in practice.