In a world of fast-paced business where information is the primary currency innovation is crucial. The accounting sector is experiencing a paradigm shift in the method of auditing, using new technologies like blockchain and artificial intelligence (AI) data analytics and robotic procedure automation changing processes and enabling more efficient and effective results for clients.
The ability to rapidly process and organize huge volumes of complex data at a speed previously unimaginable is allowing auditors to present 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 auditing professionals to tailor risk assessment procedures accordingly. These tools also help identify future issues and provide predictions regarding the performance of an organization.
Additionally, the use automation and software that is specialized reduces the manual work of reviewing and processing. For example, Argus is an AI-enabled document analysis tool that uses natural language processing and machine learning to quickly analyze electronic documents, and is used by Deloitte auditors to help speed up the process of reviewing documents electronically, enabling more focus on the most valuable tasks, such as assessing risk and verifying results.
However, despite these benefits, a number of barriers have been identified that prevent the full use of technology in the audit process. Research has demonstrated that a combination of factors, including the person working, task, and the environment and their impact on the use of technology in audit. These include the perceived effect on independence as well as a lack of clarity regarding the regulatory response to the use of technology which may affect the appetite to use it in the real world.
https://data-audit.net/2020/03/16/management-board-software-for-audits
