Innovative Technologies for Audit

Innovation is crucial in the fast-paced business world where information is the currency. The accounting industry is experiencing a major shift in the method of auditing, thanks to the latest technologies, such as blockchain and artificial intelligence (AI) data analytics and robotic procedure automation changing processes and providing more efficient and effective outcomes for clients.

The ability to process and organize massive amounts of complex data at a rate previously unimaginable has enabled auditors to provide more comprehensive insights than ever before. The use of more sophisticated 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 according. These tools also help identify future issues and help make predictions about the performance of a business.

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 language processing and machine learning to rapidly interrogate electronic documents, and is being utilized by Deloitte auditors to accelerate electronic document review and allowing more time to focus on high value activities such as assessing risk and verifying results.

In spite of these benefits however, many obstacles have been identified to hinder the full use of technology in the audit process. Particularly, research has revealed that a confluence of person working, task and environmental variables affect the use of technology for audit. These include the perceived impact on independence as well as a lack of clarity on the regulatory response to the use of technology, which can impact the enthusiasm to use it in the real world.

https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/