In a world of fast-paced business where information is the primary currency and innovation is a must. The accounting industry is undergoing a revolution with 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, creating better outcomes for clients.
The ability to rapidly process and organize huge amounts of complex data at a rate previously unimaginable has enabled auditors to present more insightful insights than ever before. Enhanced analytical tools can assist in identifying irregular transactions, patterns that are not apparent or other issues that could otherwise be overlooked and allow auditors to adjust risk assessment procedures to suit. These tools are also helping to spot potential future issues, and to predict the company’s performance.
Automated software and specialized programs can also reduce the amount of manual processing and reviewing work. For instance, Argus is an AI-enabled document analysis tool that utilizes natural machine learning and language processing to quickly query electronic electronic document compliance and e-invoicing documents, and is being utilized by Deloitte auditors to help accelerate the review of electronic documents which allows them to concentrate on important tasks like assessing risk and verifying findings.
However, despite these benefits However, a variety of obstacles have been identified that hinder the full adoption of technology in the audit process. Particularly, research has demonstrated that a confluence of person, task and environmental factors influence the use of technology for audit. This includes the perception of an impact on the independence of auditors and the lack of clarity regarding the regulatory response to the use of technology.