In the fast-paced world of business where information is the currency innovation is vital. Accounting is undergoing changes in the ways audits and other processes are carried out. Emerging technologies like Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are revolutionizing processes, resulting in more efficient results for clients.
The ability to process and organize massive amounts of complex data at a speed previously unimaginable has enabled auditors to provide more insightful insights than ever before. Advanced analytical tools can aid in identifying unusual transactions, latent patterns or other issues that might otherwise be missed and allow auditors to adjust processes for risk assessment to suit. These tools also aid in identifying future issues and make predictions about the performance of a firm.
Similar to that, the use automated systems and specialized software is reducing manual review and processing. For instance, Argus is an AI-enabled document analysis tool that utilizes natural machine learning and language processing to swiftly analyze electronic documents, and is utilized by Deloitte auditors to accelerate the review of electronic documents which allows them to concentrate on high value activities such as assessing risk and verifying results.
In spite of these benefits, there are a few obstacles have been identified that inhibit the full adoption of technology in the audit process. Specifically, research has highlighted the fact that a variety of individual working, task and environmental variables influence the use and application of technology for audit. These include the perceived effect on independence as well as a lack of clarity about the regulatory response to the use of technology, which may affect the appetite for its implementation in practice.