As the technological revolution continues, audit firms are faced with the challenge of harnessing and utilizing these technologies to the advantage of their clients. Many of these advanced technologies aren’t just an option but are essential for an audit’s future that is successful.
The most technologically advanced tools that are having a major impact on auditors are machine learning, data analytics and robotic process automation. These tools allow auditors to gain a deeper perspective of the client’s processes, inventory and systems controls that they can communicate with management and boards.
Another emerging technique is blockchain, which could reduce the time of financial transaction clearance from months to a matter of hours. This will allow continuous risk assessments during the audit period, instead of only one review at the end of the year.
Argus, an artificial intelligence (AI)-enabled software, is one example of a technology dramatically reducing the amount of manual processing and reviewing that is required during an audit. It makes use of machine-learning and natural language processing in order to speedily search for electronic documents. This allows auditors to concentrate their attention on more important tasks, like assessing risks and confirming results.
But there are still a number of issues that could hinder the acceptance of these technologies. It can be particularly difficult to make time to experiment with new technology in firms that pay dependent on the billable hours. Additionally, the expense of initial investment as well as regular support and maintenance could be a significant factor. These issues can be solved through the ongoing collaboration of audit firms, standard-setting agencies and regulators.
Leave A Comment
You must be logged in to post a comment.