In the fast-paced world of business where information is the currency innovation is vital. The accounting industry is experiencing a revolution in the manner in which audits are conducted with emerging technologies such as blockchain and artificial intelligence (AI) data analytics and robotic procedure automation transforming processes and delivering more efficient and effective outcomes for clients.
Auditors are now able to provide more insightful information due to the capability to process and organize huge amounts of complex information at a pace previously impossible. The latest analytical tools can aid in identifying unusual transactions, latent patterns or other issues that might otherwise be overlooked, allowing auditors to tailor the risk assessment process to suit. These tools can also assist to spot potential future issues and make predictions about the performance of a company.
Similarly, the use of automation and the use of specialized software reduces the manual work of reviewing and processing. For instance, Argus is an AI-enabled document analysis tool that utilizes natural language processing and machine learning to quickly analyze electronic documents, and is used by Deloitte auditors to speed up the process of reviewing documents electronically which allows them to concentrate on high value activities such as checking for risk and verifying findings.
Despite these benefits, there are a number of obstacles that hinder complete adoption and utilization of technology in auditing. Research has revealed that a combination of factors, including person working, task, and the environment that can affect the use of technology in audit. These include the perception of the effect on independence as well as a lack of clarity on the regulatory response to the use of technology, which can impact the enthusiasm to use it in the real world.
Comments are closed