Innovation is essential in the business world that is constantly changing in which information is the currency. The accounting sector is experiencing a paradigm shift in the method of auditing, using new technologies like blockchain, artificial intelligence (AI) and data analytics and robotic procedure automation changing processes and delivering more efficient and effective results for clients.
Auditors are now able to provide more insightful insights because of the ability to process and organize large volumes of complex data quickly at a speed previously impossible. The latest analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that may otherwise be overlooked and allowing auditors to modify risk assessment procedures to suit. These tools also aid in identifying future issues and help make predictions about the performance of a business.
Similarly, the use of automated systems and specialized software reduces manual review and processing. Argus is a good example. It is an AI-enabled tool that utilizes machine learning and natural language processing to quickly interrogate electronic files. Deloitte audits use it to accelerate electronic document reviews and allow them to concentrate more on high-value activities like reviewing risk and verifying results.
In spite of these benefits however, many obstacles have been identified that hinder the full utilization of technology in the audit process. Research has shown that a number of factors, including person work, environment, and task which can impact the use of technology in audit. This includes the perception of an impact on the independence of the auditor as well as the lack of clarity about the regulatory response towards the use of technology.
https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents/