As the technological revolution continues, audit companies have to face the challenge of utilizing these technologies to benefit their clients. A lot of these cutting-edge technologies aren’t just options, but essential for the future of Discover More auditing.
The most technologically advanced tools that are having a major impact on auditors are machine learning, data analytics and robotic process automation. These tools help auditors gain a deeper understanding of the client’s processes as well as inventory and the system controls. They can then communicate this information with management and boards.
Blockchain is another new tool which could reduce the time required for the clearing of financial transactions to a few hours. This will enable continuous risk assessments to be conducted during the audit time period rather than a single annual assessment.
Argus, an artificial intelligence (AI)-enabled software, is an example of a technology that is dramatically reducing the amount manual processing and reviewing that is required during an audit. It utilizes machine learning and natural language processing to swiftly search electronic document files, allowing auditors focus on more important tasks, such as checking for risk and confirming results.
There are still some obstacles that can prevent the adoption of new technologies. It is particularly difficult to find the time to experiment with new technology in firms that pay contingent on the billable hours. The initial expenditure, as well as the ongoing costs of maintenance and support can be substantial. These issues can be addressed through the ongoing collaboration of auditors, standard-setting firms and regulators.