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Innovative Technologies for Audit

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In this fast-paced business world where information is the currency, innovation is essential. The accounting industry is going through a revolution with the ways audits and other processes are conducted. Emerging technologies such as Blockchain and artificial intelligence (AI), Data Analytics and robotic procedure automation are changing processes, enabling more efficient outcomes for customers.

The ability to quickly process and organize huge amounts of complex data at a rate previously unimaginable allows auditors to provide more comprehensive insights than ever before. The latest analytical tools can aid in identifying unusual transactions, latent patterns or other issues that could otherwise be overlooked auditing professionals to tailor the risk assessment process to suit. These tools can also assist to identify future problems and also to make predictions about a company’s performance.

Automation and specialized software can also reduce the amount of manual processing and reviewing. Argus, for example, is an AI-enabled software which makes use of machine learning and natural language processing to efficiently search electronic documents. Deloitte audits use it to accelerate electronic review of documents which allows them to concentrate on more valuable tasks like the assessment of risk and confirming results.

However, despite these benefits however, many obstacles have been identified that hinder the full use of technology in the audit process. Research has revealed that a number of factors, such as person work, environment, and task, can impact the use technology for audit. These include the perceived impact on independence as well as a lack of clarity around the regulatory response to the use of technology, which may affect the appetite for its implementation in practice.

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