In this fast-paced business world where information is the currency and innovation is a must. The accounting industry is undergoing a revolution with the process of audits as well as other processes are carried out. New technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are changing processes, providing more efficient outcomes for customers.
The ability to quickly process and organize massive amounts of complicated data at a speed previously unimaginable is enabling auditors to provide more insightful insights than ever before. The use of sophisticated analytical tools allows auditors the ability to identify unusual transactions, latent patterns or other problems they would not otherwise notice, and tailor their risk assessment procedures according. These tools also aid in identifying future issues and help make predictions about the performance of a company.
Automation and specialized software are also reducing the amount of manual processing and reviewing. For example, Argus is an AI-enabled document analysis tool that makes use of natural language processing and machine learning to rapidly interrogate electronic documents. It is being utilized by Deloitte auditors to speed up the process of reviewing documents electronically that allows more time for the most valuable tasks, such as checking for risk and verifying results.
Despite these advantages However, a variety of obstacles have been identified that prevent the full adoption of technology in the audit process. Particularly, research has shown the fact that a variety of individual tasks, environmental and other factors affect the use of technology in audit. This includes the perception of the impact on independence and a lack of clarity about the regulatory response to the use of technology, which may affect the appetite to use it in the real world.