Innovation is vital in this business world that is constantly changing, where information is the primary currency. The accounting industry is experiencing a revolution with the ways audits and other processes are carried out. The latest technologies, such as Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are transforming https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods processes, enabling better outcomes for clients.

The ability to rapidly process and organize huge volumes of complex data at a speed previously unimaginable is enabling auditors to deliver more insightful insights than ever before. The latest analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that would otherwise be overlooked and allowing auditors to modify risk assessment procedures accordingly. These tools can also assist to identify potential future issues and also to make predictions about the company’s performance.

Automated software and specialized programs are also reducing the amount of manual processing and reviewing work. Argus for instance, is an AI-enabled tool that utilizes machine learning and natural language processing to efficiently search electronic files. Deloitte audits use it to speed up electronic review of documents which allows them to concentrate more on the high-value tasks such as the assessment of risk and confirming results.

Despite these benefits, there are a number of barriers that prevent the full adoption and use of technology in auditing. Particularly, research has revealed the fact that a mix of person tasks, environmental and other factors influence the use and application of technology in audit. This includes the perceived impact on independence and a lack of clarity on the regulatory response to the use of technology which may affect the appetite for implementing it in practice.