Innovation is essential in the fast-paced world of business, where information is the primary currency. Accounting is undergoing changes in the way audits and other processes are conducted. Emerging technologies like Blockchain and artificial intelligence (AI), Data Analytics and what is business intelligence robotic procedure automation are transforming processes, enabling more efficient outcomes for clients.
Auditors are now able to provide more insightful information due to the ability to process and organize large volumes of complex data quickly at a pace previously unimaginable. The use of sophisticated analytical tools allows auditors to identify unusual transactions, patterns of latent activity or other issues that they might otherwise overlook, and adapt their risk assessment procedures to suit. These tools can also assist to identify future problems, and to make predictions about the company’s performance.
Similar to that, the use automation and specialized software is reducing the manual work of reviewing and processing. Argus, for example, is an AI-enabled program that utilizes machine learning and natural language processing to rapidly examine electronic documents. Deloitte audits use it to speed up electronic document reviews which allows them to concentrate more on tasks that are high-value, such as assessing risk and verifying results.
Despite these benefits however, many obstacles have been identified to hinder the full utilization of technology in the audit process. Specifically, research has highlighted that a combination of person tasks, environmental and other factors affect the use of technology for audit. These include the perceived impact on independence and lack of clarity about the regulatory response to the use of technology, which can affect the desire to use it in the real world.