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Innovative Technologies for Audit

In this fast-paced business world where information is the currency and innovation is a must. The accounting industry is witnessing a transformation in the manner in which audits are conducted with emerging technologies such as blockchain, artificial intelligence (AI) and data analytics and robotic procedure automation changing processes and enabling more efficient and effective results for clients.

The ability to rapidly process and organize huge volumes of complex data at a rate previously unimaginable is enabling auditors to deliver more insightful insights than ever before. The use of advanced analytical tools enables auditors to spot irregular transactions, latent patterns or other issues that they would not otherwise notice, and adapt their risk assessment procedures to suit. These tools can also help identify future issues and help make predictions about the performance of an organization.

Similarly, the use of automation and the use of specialized software is reducing manual processing and review work. For instance, Argus is an AI-enabled document analysis tool that uses natural language processing and machine learning to quickly query electronic documents. It is used by Deloitte auditors to help speed up electronic document review and allowing more time to focus on high-value tasks like reviewing risk and verifying results.

Despite these advantages However, a variety of obstacles have been identified that hinder the full use of technology in the audit process. Research has revealed that a mix of factors, such as person working, task, and the environment which can impact the use of technology for audit. This includes the perception of an impact on the independence of the auditor and the lack of clarity on the regulatory response to the use of technology.