In a world of fast-paced business where information is the currency innovation is vital. The accounting industry is going through changes in the way audits and other processes are carried out. New technologies like Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are changing processes, creating more efficient outcomes for customers.

Auditors can now provide more insightful information due to the capability to process and organize huge amounts of data that are complex at a speed that was previously impossible. Improved analytical tools can help in identifying irregular transactions, patterns that are not apparent or other issues that might otherwise be missed auditing professionals to tailor risk assessment procedures to suit. These tools also help identify future problems and make predictions about the performance of a company.

Similar to that, the use automation and specialized software is reducing manual review and processing. For instance, Argus is an AI-enabled document analysis tool that uses natural machine learning and language processing to quickly analyze electronic documents. It is https://data-audit.net/2021/07/08/generated-post used by Deloitte auditors to help accelerate electronic document review which allows them to concentrate on high-value tasks like reviewing risk and verifying results.

In spite of these benefits, there are a few obstacles have been identified to hinder the full adoption of technology in the audit process. Research has demonstrated that a number of factors, such as person work, environment, and task that can affect the use of technology in audit. This includes the perceived impact on independence and lack of clarity regarding the regulatory response to the use of technology, which may affect the appetite to implement it in practice.