Innovative Technologies for Audit

Innovation is essential in the business world that is constantly changing, where information is the primary currency. The accounting industry is experiencing a major shift in the method of auditing, with new technologies like blockchain, artificial intelligence (AI), data analytics and robotic process automation transforming processes and delivering more efficient and effective outcomes for clients.

Auditors are now able to provide more insightful information due to the ability to process and organize large volumes of complex data quickly at a speed that was previously impossible. The use of enhanced analytical tools allows auditors the ability to identify irregular transactions, latent patterns or other problems they would not otherwise notice, and to modify their risk assessment processes accordingly. These tools also help identify future issues and make predictions about the performance of a firm.

Automated software and specialized programs can also reduce the amount of manual processing and reviewing. For instance, Argus is an AI-enabled document analysis software that employs natural language processing and machine learning to quickly query electronic documents, and is being used by Deloitte auditors to accelerate the review of electronic documents and allowing more time to focus on the most valuable tasks, such as checking for risk and verifying results.

Despite these benefits however, there are a variety of obstacles that hinder full implementation and use of technology in auditing. Particularly, research has revealed the fact that a mix of person working, task and environmental variables influence the use of technology for audit. This includes the perception of an impact on the independence of auditors and the lack of clarity regarding the regulatory response to the use of technology.

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