As the pace of technological advancement continues, audit companies face the difficult task of figuring out ways to harness and utilize these tools to their clients’ benefit. Many of these technological advances aren’t options, but necessary to ensure the future of auditing.
The most modern technology tools that are making an impressive impact on auditors are machine learning, data analytics and robotic process automation. These tools allow auditors to gain a thorough understanding of the client’s processes, inventory, and system https://data-audit.net/2020/03/16/management-board-software-for-audits/ controls. They can then share this information to management and boards.
Another emerging technology is blockchain, which can cut down on the time of financial transaction clearance from months to hours. This could enable continuous risk assessments throughout the audit period, instead of only a single evaluation at the end of each year.
Argus is an example of a program that makes use artificial intelligence to decrease the amount of manual review and processing needed during an audit. It makes use of machine-learning and natural language processing in order to quickly search electronic documents. This allows auditors to focus their attention on more important tasks, such as assessing risks and confirming results.
There are still some obstacles that hinder the use of new technologies. It can be particularly difficult to find the time to explore new technologies in firms that pay based upon the billable hours. The initial investment, as well as the ongoing costs of maintenance and support for tech, can be substantial. These issues can be solved with the continued collaboration of audit firms, standard-setting agencies and regulators.
