In the fast-paced world of business where information is the currency, innovation is essential. Accounting is undergoing changes in the ways audits and other processes are conducted. Emerging technologies like Blockchain and artificial intelligence (AI) Data Analytics and robotic procedure automation are changing processes, creating more efficient results for clients.
The ability to rapidly process and organize huge amounts of complex data at a speed previously unimaginable is enabling auditors to deliver more insightful insights than ever before. Improved analytical tools can help in identifying irregular transactions, patterns that are not apparent or other issues that could otherwise be overlooked auditing professionals to tailor the risk assessment process to suit. These tools also assist in identifying future issues and help make predictions about the performance of an organization.
Additionally, the use automation and software that is specialized reduces manual processing and review work. For instance, Argus is an AI-enabled document analysis tool that uses natural language processing and machine learning to quickly query electronic documents, and is used by Deloitte auditors to help speed up the process of reviewing documents electronically and allowing more time to focus on important tasks like the assessment of risk and confirming findings.
In spite of these benefits However, a variety of obstacles have been identified that prevent the full implementation of technology in the audit process. Particularly, research has shown that a confluence of person, task and environmental factors influence the use and application of technology in audit. These include the perceived impact on independence and a lack of clarity regarding the regulatory response to the use of technology which can impact the enthusiasm to use it in the real world.