Innovation is crucial in the fast-paced business world in which information is the currency. The accounting industry is going through changes in the process of audits as well as other processes are carried out. New technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are revolutionizing processes, providing more efficient outcomes for clients.
The ability to rapidly process and organize huge volumes of complicated data at a speed previously unimaginable allows auditors to provide more insightful insights than ever before. Improved analytical tools can help in identifying irregular transactions, patterns that are not apparent or other issues that might otherwise be missed and allowing auditors to modify processes for risk assessment to suit. These tools can also help identify future problems and make predictions about the performance of a firm.
Similar to that, the use automation and software that is specialized reduces the manual work of reviewing and processing. Argus is one example. It is an AI-enabled program which makes use of machine learning and natural language processing to efficiently analyze electronic files. Deloitte audits use it to accelerate electronic document reviews, allowing them to focus more on tasks that are high-value, such as reviewing risk and verifying results.
Despite these benefits, a number of barriers have been identified to hinder the full adoption of technology in the audit process. Research has proven that a variety of factors, including the person working, task, and the environment which can impact the use of technology in audit. This includes the perceived impact on the independence of the auditor and the lack of clarity on the regulatory response towards the use of technology.
https://data-audit.net/2020/03/16/management-board-software-for-audits