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Innovative Technologies for Audit

https://data-audit.net/2021/07/13/generated-post-2

Innovation is vital in this business world that is constantly changing in which information is the primary currency. The accounting industry is undergoing an era of change in the ways audits and other processes are conducted. New technologies like Blockchain and artificial intelligence (AI) Data Analytics and robotic procedure automation are changing processes, resulting in more efficient outcomes for clients.

Auditors can now provide more insightful information due to the ability to process and organize huge amounts of complex data quickly at a pace previously impossible. The use of advanced analytical tools allows auditors to identify unusual transactions, latent patterns or other problems they would otherwise miss, and tailor their risk assessment procedures to suit. These tools also aid in identifying future issues and provide predictions regarding the performance of an organization.

Automation and specialized software can also reduce the amount of manual processing and reviewing work. For example, Argus is an AI-enabled document analysis tool that uses natural machine learning and language processing to swiftly analyze electronic documents. It is being utilized by Deloitte auditors to speed up electronic document review and allowing more time to focus on high-value tasks like checking for risk and verifying findings.

Despite these advantages However, there are a myriad of obstacles that hinder the full use and adoption of technology in auditing. Particularly, research has revealed the fact that a mix of person working, task and environmental variables influence the use of technology in audit. This includes the perception of an impact on the independence of the auditor, and the lack of clarity in the regulatory response towards the use of technology.

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