Innovation is vital in this business environment that is fast-paced, where information is the primary currency. The accounting industry is witnessing a transformation in the method of auditing, thanks to the latest technologies, such as blockchain, artificial intelligence (AI) data analytics and robotic procedure automation transforming processes, resulting in more efficient and effective results for clients.

Auditors are now able to provide more insightful information due to the ability to process and organize large volumes of data that are complex at a pace previously impossible. The use of sophisticated analytical tools allows auditors to detect unusual transactions, patterns of latent activity or other problems they might otherwise overlook, and tailor their risk assessment procedures accordingly. These tools also assist in identifying future problems and make predictions about the performance of a company.

Automated software and specialized programs can also reduce the amount of manual processing and reviewing. For example, Argus is an AI-enabled document analysis tool that uses natural language processing and machine learning to swiftly analyze electronic documents, and is utilized by Deloitte auditors to speed up the process of reviewing documents electronically and allowing more time to focus on important tasks like assessing risk and verifying results.

Despite these advantages, a number of barriers have been identified that hinder the full implementation of technology in the audit process. Research has demonstrated that a variety of factors, including people job, task, and environmental that can affect the use of technology for audit. This includes the perception of the impact on independence and a lack of clarity about the regulatory response to the use of technology, which may affect the appetite to implement it in practice.

https://data-audit.net/2021/07/13/generated-post-2/