Innovation is essential in this business world that is constantly changing, where information is the primary currency. The accounting industry is going through a https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/ revolution with the way audits and other processes are carried out. Emerging technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are changing processes, providing more efficient results for clients.

The ability to rapidly process and organize huge amounts of complex data at a pace previously unimaginable is allowing auditors to provide more comprehensive insights than ever before. The use of enhanced analytical tools enables auditors to spot unusual transactions, patterns that are not apparent, or other issues they would otherwise overlook and adjust their risk assessment processes accordingly. These tools are also helping to spot potential future issues and also to predict the performance of a company.

Similarly, the use of automated systems and specialized software is reducing manual processing and review work. Argus is one example. It is an AI-enabled program that uses machine learning and natural language processing to swiftly analyze electronic documents. Deloitte audits use it to speed up electronic review of documents, allowing them to focus on more valuable tasks like assessing risk and verifying results.

Despite these advantages however, there are a variety of obstacles that hinder full use and adoption of technology in auditing. Particularly, research has revealed the fact that a variety of individual work, task and environmental factors affect the use of technology for audit. These include the perception of the impact on independence and lack of clarity about the regulatory response to the use of technology, which may affect the appetite to implement it in practice.

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