In a fast-paced business environment where information is the currency and innovation is a must. The accounting industry is undergoing an era of change 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 clients.

Auditors can now deliver more insightful insights because of the ability to analyze and organize large amounts of complex data at a speed that was previously unimaginable. The use of advanced analytical tools allows auditors to detect irregular transactions, latent patterns or other issues that they would not otherwise notice, and tailor their risk assessment processes accordingly. These tools are also helping to identify future problems and predict a company’s performance.

Automated software and specialized programs are also reducing the amount of manual processing and reviewing. Argus for instance, is an AI-enabled software which makes use of machine learning and natural language processing to swiftly interrogate electronic files. Deloitte audits use it to accelerate electronic review of documents which allows them to concentrate on more valuable tasks like reviewing risk and verifying results.

In spite of these benefits However, a variety of obstacles have been identified that prevent the full utilization of technology in the audit process. Particularly, research has shown that a combination of person tasks, environmental and other factors affect the use of technology for audit. This includes the perception of an impact on the https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/ independence of the auditor and the lack of clarity about the regulatory response towards the use of technology.