08 Aug Innovative Technologies for Audit Firms
As the pace of technological advancement continues, auditing firms face the daunting task of finding ways to harness and utilize these technologies to their clients’ benefit. Many of these innovative technologies aren’t just an option but are essential for an audit’s future that is successful.
Machine-learning, data analytics, and robotic process automation are the most advanced technology tools that make an enormous impact for auditors. These tools help auditors gain a deep knowledge of the processes of clients, inventory, and the system controls. They can then share this information with management and boards.
Blockchain is a new tool which could reduce the estimated time needed for financial transaction clearance to just a few hours. This could allow continuous risk assessments during the period of audit instead of just one assessment at year-end.
Argus is an example of a software which makes use of artificial intelligence to decrease the amount of manual review and processing that is required during an audit. It uses machine learning and natural language processing to quickly search for electronic documents, allowing auditors to focus on more valuable tasks such as assessing risk and confirming results.
There are still some obstacles that hinder the use of new technologies. Particularly, for companies where compensation is based on hourly billing, it might be difficult to find time to try out new https://data-audit.net/2021/07/13/generated-post-2 technology tools. Additionally, the cost of initial investment and regular support and maintenance could be a significant factor. These issues can be addressed with the continued collaboration of auditors, standard-setting firms and regulators.
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