Innovative Technologies for Audit

Innovation is essential in the fast-paced world of business where information is the primary currency. The accounting industry is experiencing a revolution in the way audits are conducted, thanks to the latest technologies, such as blockchain, artificial intelligence (AI) and data analytics and robotic process automation transforming processes and delivering more efficient and effective outcomes for clients.

The ability to process and organize huge amounts of complex data at a rate previously unimaginable allows auditors to provide more insightful insights than ever before. Advanced analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that could otherwise be missed auditing professionals to tailor risk assessment procedures accordingly. These tools also help to identify possible future issues, and to predict the performance of a business.

Similarly, the use of automated systems and specialized software reduces manual review and processing. For example, Argus is an AI-enabled document analysis tool that uses natural machine learning and language processing to rapidly interrogate electronic documents, and is utilized by Deloitte auditors to speed up the process of reviewing documents electronically and allowing more time to focus on important tasks like reviewing risk and verifying results.

In spite of these benefits however, many obstacles have been identified that prevent the full utilization of technology in the audit process. Research has shown that a mix of factors, including person work, environment, and task that can affect the use of technology for audit. This includes the perceived impact on independence and lack of clarity about the regulatory response to the use of technology which may affect the appetite for its implementation in practice.



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