Innovative Technologies for Audit

Written by Bilal


June 5, 2024

In a world of fast-paced business where information is the currency innovation is vital. The accounting industry is undergoing an evolution in 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 changing processes, enabling more efficient outcomes for customers.

The ability to process and organize huge volumes of complex data at a pace previously unimaginable is allowing auditors to provide more comprehensive insights than ever before. The use of enhanced analytical tools allows auditors to detect unusual transactions, patterns of latent activity or other issues they would otherwise overlook and tailor their risk assessment procedures accordingly. These tools can also help identify future issues and provide predictions regarding the performance of a business.

Similarly, the use of automated systems and specialized software is reducing manual processing and review work. Argus is a good example. It is an AI-enabled program that utilizes machine learning and natural language processing to quickly search electronic files. Deloitte audits use it to accelerate electronic document reviews, allowing them to focus on more valuable tasks like reviewing risk and verifying results.

Despite these advantages However, there are a myriad of barriers that prevent the full implementation and use of technology in auditing. Research has proven that a combination of factors, such as person job, task, and environmental which can impact the use of technology for audit. This includes the perceived impact on the independence of the auditor, and the lack of clarity on the regulatory response to the use of technology.

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