https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance/
In this fast-paced business world where information is the primary currency and innovation is a must. The accounting industry is witnessing a transformation in the method of auditing, with emerging technologies such as blockchain and artificial intelligence (AI) data analytics and robotic process automation transforming processes, resulting in more efficient and effective results for clients.
Auditors are now able to provide more insightful insights because of the ability to analyze and organize large amounts of complex data quickly at a speed previously unimaginable. The use of more sophisticated analytical tools enables auditors to spot irregular transactions, latent patterns or other issues they would otherwise miss, and tailor their risk assessment processes accordingly. These tools also help to identify potential future issues and also to predict the company’s performance.
Additionally, the use automated systems and specialized software is reducing manual review and processing. Argus, for example, is an AI-enabled software that uses machine learning and natural language processing to swiftly analyze electronic documents. Deloitte audits use it to speed up electronic document reviews, allowing them to focus more on tasks that are high-value, such as assessing risk and verifying results.
Despite these advantages however, there are a variety of barriers that prevent the full implementation and use of technology in auditing. Particularly, research has shown that a combination of person working, task and environmental variables impact the use of technology for audit. This is evident in the perceived impact on the independence of the auditor and the lack of clarity regarding the regulatory response to the use of technology.