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Innovative Technologies for Audit

Innovation is essential in the business world that is constantly changing, where information is the currency. The accounting industry is experiencing changes in the way audits and other processes are conducted. Emerging technologies such as Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are revolutionizing processes, enabling more efficient outcomes for clients.

Auditors can now provide more insightful and accurate information because of the ability to process and organize large quantities of data that are complex at a rate previously impossible. The use of enhanced analytical tools allows auditors to identify unusual transactions, patterns that are not apparent or other issues they would otherwise overlook and tailor their risk assessment procedures to suit. These tools can also assist to identify future problems and make predictions about the performance of a business.

Automation and specialized software can also reduce the amount of manual processing and reviewing work. Argus is a good example. It is an AI-enabled program that utilizes machine learning and natural language processing to efficiently analyze electronic documents. Deloitte audits use it to speed up electronic document reviews and allow them to concentrate more on high-value activities like assessing risk and verifying results.

Despite these advantages however, there are a variety of obstacles preventing the full adoption and use of technology in auditing. Particularly, research has demonstrated the fact that a mix of person, task and environmental factors influence the use of technology in audit. This includes the perception of the effect on independence as well as a lack of clarity regarding the regulatory response to the use of technology, which can impact the enthusiasm for implementing it in practice.

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