Innovation is crucial in the business world that is constantly changing in which information is the primary currency. The accounting sector is experiencing a paradigm shift in the methods of conducting audits, thanks to the latest technologies, such as blockchain and artificial intelligence (AI), data analytics and robotic procedure automation transforming processes and providing more efficient and effective results for clients.

The ability to process and organize huge volumes of complex data at a rate previously unimaginable is enabling auditors to provide more comprehensive insights than ever before. The use of more sophisticated analytical tools allows auditors to identify irregular transactions, latent patterns, or other issues they would otherwise miss, and tailor their risk assessment procedures to suit. These tools also help identify future issues and help make predictions about the performance of a company.

In the same way, the use of automation and software that is specialized reduces manual processing and review work. Argus is a good example. It is an AI-enabled tool which makes use of machine learning and natural language processing to rapidly interrogate electronic documents. Deloitte audits use it to accelerate electronic document reviews, allowing them to focus more on the high-value tasks such as reviewing risk and verifying results.

Despite these advantages However, a variety of obstacles have been identified to hinder the full utilization of technology in the audit process. Research has demonstrated that a mix of factors, including person job, task, and environmental, can impact the use technology in 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.

https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents/