In this fast-paced business world where information is the primary currency and innovation is a must. The accounting industry is experiencing a revolution with the way audits and other processes are carried out. Emerging technologies like Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are revolutionizing processes, enabling more efficient outcomes for customers.
The ability to rapidly process and organize massive amounts of complex data at a speed previously unimaginable allows auditors to provide more comprehensive insights than ever before. The use of advanced analytical tools allows auditors to identify unusual transactions, patterns that are not apparent or other issues they might otherwise overlook, and adjust their risk assessment processes accordingly. These tools also help identify future issues and provide predictions regarding the performance of a company.
In the same way, the use of automation and specialized software reduces the manual work of reviewing and processing. Argus is a good example. It is an AI-enabled software which makes use of machine learning and natural language processing to quickly analyze electronic documents. Deloitte audits use it to speed up electronic review of documents which allows them to concentrate more on high-value activities like checking for risk and verifying results.
Despite these benefits There are a lot of obstacles that hinder full implementation and use of technology in auditing. Research has proven that a number of factors, such as person, task, and environment and their impact on the use of technology for audit. This is evident in the perceived impact on the independence of the auditor as well as the lack of clarity about the regulatory response towards the use of technology.
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