In a world of fast-paced business where information is the primary currency innovation is vital. The accounting industry is undergoing an era of change in the methods in which audits and other procedures are carried out. Emerging technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are changing processes, creating more efficient results for clients.
The ability to quickly process and organize huge amounts of complex data at a rate previously unimaginable allows auditors to provide more comprehensive insights than ever before. The use of more sophisticated analytical tools allows auditors to detect unusual transactions, latent patterns or other problems they might otherwise overlook, and to modify their risk assessment procedures to suit. These tools can also assist to identify future problems and also to make predictions about the performance of a company.
Additionally, the use automated systems and specialized software reduces manual review and processing. For instance, Argus is an AI-enabled document analysis tool that uses natural machine learning and language processing to rapidly interrogate electronic documents, and is being utilized by Deloitte auditors to help speed up electronic document review that allows more time for the most valuable tasks, such as reviewing risk and verifying findings.
Despite these benefits, there are a number of barriers that prevent the full implementation and use of technology in auditing. Research has demonstrated that a variety of factors, including people working, task, and the environment that can affect the use of technology for audit. This includes the perception of an impact on the independence of the auditor and the lack of clarity on the regulatory response towards the use of technology.
