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Innovative Technologies for Audit

Innovation is essential in the fast-paced world of business where information is the primary currency. The accounting industry is witnessing a transformation in the method of auditing, with emerging technologies such as blockchain and artificial intelligence (AI), data analytics and robotic procedure automation transforming processes, resulting in more efficient and effective results for clients.

The ability to process and organize massive amounts of complicated data at a speed previously unimaginable is allowing auditors to deliver more insightful insights than ever before. The use of sophisticated analytical tools allows auditors the ability to identify unusual transactions, patterns that are not apparent or other problems they might otherwise overlook, and adapt their risk assessment processes accordingly. These tools also help identify future problems and make predictions about the performance of a firm.

Automation and specialized software can also reduce the amount of manual processing and reviewing. Argus, for example, is an AI-enabled program which makes use of machine learning and natural language processing to rapidly analyze electronic files. Deloitte Discover More audits use it to accelerate electronic document reviews which allows them to concentrate more on tasks that are high-value, such as reviewing risk and verifying results.

However, despite these benefits However, a variety of obstacles have been identified to hinder the full adoption of technology in the audit process. Research has proven that a combination of factors, including the person job, task, and environmental which can impact the use of technology for audit. This is evident in the perceived impact on the independence of auditors and the lack of clarity about the regulatory response to the use of technology.

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