Innovative Technologies for Audit

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Innovative Technologies for Audit

Innovation is crucial in the business world that is constantly changing where information is the currency. The accounting industry is experiencing changes in the methods in which audits and other procedures are conducted. New technologies like Blockchain and artificial intelligence (AI) Data Analytics and robotic procedure automation are transforming processes, providing more efficient outcomes for customers.

Auditors are now able to provide more insightful information due to the capability to process and organize large volumes of data that are complex at a speed previously unimaginable. The latest analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that may otherwise be missed and allowing auditors to modify risk assessment procedures to suit. These tools also help to identify future problems, and to predict the performance of a company.

Automated software and specialized programs are also reducing the amount of manual work and reviewing. Argus is one example. It is an AI-enabled software that makes use of machine learning and natural language processing to swiftly analyze electronic documents. Deloitte audits use it to speed up electronic document reviews, allowing them to focus more on tasks that are high-value, such as reviewing risk and verifying results.

However, despite these benefits, there are a few obstacles have been identified to hinder the full implementation of technology in the audit process. Particularly, research has shown the fact that a variety of individual, task and environmental factors impact the use of technology for audit. This includes the perception of the effect on independence as well as a lack of clarity regarding the regulatory response to the use of technology which could affect the motivation to use it in the real world.

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