Innovative Technologies for Audit

Innovation is essential in the fast-paced world of business where information is the primary currency. The accounting sector is experiencing a paradigm shift in the way audits are conducted, with new technologies like blockchain and artificial intelligence (AI) and data analytics and robotic procedure automation changing processes, resulting in more efficient and effective results for clients.

The ability to quickly process and organize massive amounts of complex data at a pace previously unimaginable has enabled auditors to provide more comprehensive insights than ever before. The use of advanced analytical tools allows auditors to detect unusual transactions, latent patterns, or other issues they would otherwise miss, and tailor their risk assessment procedures to suit. These tools also help identify future problems and make predictions about the performance of a company.

Automation and specialized software can also reduce the amount of manual work and reviewing. For example, Argus is an AI-enabled document analysis tool that uses natural language processing and machine learning to quickly query electronic documents. It is being used by Deloitte auditors to speed up electronic document review and allowing more time to focus on high-value tasks like reviewing risk and verifying results.

Despite these benefits, there are a number of barriers that prevent the full implementation and use of technology in auditing. Particularly, research has shown the fact that a mix of person, task and environmental factors impact the use of technology in audit. This is evident in the perceived impact on the independence of the auditor and the lack of clarity in the regulatory response to the use of technology.