As the whirlwind of technological progress continues, audit companies face the difficult task of figuring out ways to harness and utilize these technologies for their clients for their benefit. Many of these innovative technology aren’t choices, but essential to ensure the future of auditing.
Data analytics, machine-learning and robotic process automation are among the most advanced technology tools that make an enormous impact for auditors. These tools allow auditors to gain a better understanding of client processes, inventory and system controls that they can share with management and boards.
Another emerging tool is blockchain, which can reduce the estimated time for clearing financial transactions from months to a matter of hours. This will allow for 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 a prime example of a technology that is dramatically reducing the amount of manual processing and reviewing that is required during an audit. It uses machine learning and natural language processing to rapidly search for electronic documents and allows auditors to concentrate on more valuable tasks like reviewing risk and confirming the results.
There are still a few challenges that hinder the use of new technologies. It can be particularly difficult read the full info here to find the time to play around with new technology in companies where compensation is dependent on billable hours. Also, the cost of initial investment and ongoing support and maintenance for tech can be a major factor. However, with a constant collaboration between audit firms, standard setters and regulators, these challenges can be overcome.
Commenti recenti