In a world of fast-paced business where information is the primary currency innovation is crucial. The accounting industry is experiencing a major shift in the methods of conducting audits, with new technologies like blockchain and artificial intelligence (AI), data analytics and robotic procedure automation transforming processes and delivering more efficient and effective outcomes for clients.
Auditors can now provide more insightful insights because of the ability to analyze and organize large amounts of data that are complex at a speed that was previously impossible. Enhanced analytical tools can assist in identifying unusual transactions, latent patterns or other issues that may otherwise be overlooked and allow auditors to adjust the risk assessment process to suit. These tools also help to identify possible future issues, and to predict the performance of a business.
Automation and specialized software are also reducing the amount of manual processing and reviewing work. For example, Argus is an AI-enabled document analysis software that employs natural language processing and machine learning to swiftly analyze electronic documents. It is being used by Deloitte auditors to accelerate electronic document review, enabling more focus on high-value tasks like the assessment of risk and confirming results.
Despite these advantages, there are a number of obstacles that hinder complete adoption and utilization of technology in auditing. Particularly, research has shown that a combination of person tasks, environmental and other factors influence the use and application of technology in audit. This includes the perception of the effect on independence as well as a lack of clarity about the regulatory response to the use of technology which can impact the enthusiasm for implementing it in practice.
https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance
