Innovation is essential in the fast-paced world of business where information is the currency. The accounting industry is undergoing an era of change in the methods in which audits and other procedures are carried out. The latest technologies, such as Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are changing processes, enabling more efficient results for clients.

The ability to rapidly process and organize huge amounts of complicated data at a speed previously unimaginable allows auditors to deliver more insightful insights than ever before. The use of advanced analytical tools enables auditors to spot unusual transactions, patterns of latent activity, or other issues they might otherwise overlook, and adapt their risk assessment procedures accordingly. These tools also assist in identifying future issues and make predictions about the performance of an organization.

Similar to that, the use automation and software that is specialized is reducing manual processing and review work. Argus for instance, is an AI-enabled program that utilizes machine learning and natural language processing to efficiently interrogate electronic documents. Deloitte audits use it to accelerate electronic document reviews, allowing them to focus more on the high-value tasks such as checking for risk and verifying results.

In spite of these benefits however, many obstacles have been identified to hinder the full utilization of technology in the audit process. Research has revealed that a mix of factors, including person working, task, and the environment which can impact the use of technology for audit. This includes the perception of the impact on independence and lack of clarity about the regulatory response to the use of technology, which may affect the appetite for implementing it in practice.

https://data-audit.net/2020/03/16/management-board-software-for-audits/