In this fast-paced business world where information is the primary currency, innovation is essential. The accounting industry is going through an evolution in the methods in which audits and other procedures are carried out. Emerging technologies such as Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are transforming processes, providing better outcomes for clients.
The ability to swiftly process and organize huge volumes of complicated data at a speed previously unimaginable is enabling auditors to deliver more insightful insights than ever before. The use of enhanced analytical tools allows auditors to identify unusual transactions, latent patterns or other problems they would not otherwise notice, and adapt their risk assessment procedures accordingly. These tools can also help identify future problems and make predictions about the performance of an organization.
Automated software and specialized programs can also reduce the amount of manual work and reviewing. 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 being used by Deloitte auditors to accelerate electronic document review, enabling more focus on important tasks like checking for risk and verifying results.
However, despite these benefits, a number of barriers have been identified that hinder the full utilization of technology in the audit process. Particularly, research has revealed that a confluence of person, task and environmental factors influence the use and application of technology in audit. This includes the perceived impact on the independence of auditors and the lack of clarity on the regulatory response towards the use of technology.