As the whirlwind of technological advancement continues, audit firms face the daunting task of finding ways to harness and use these tools to their clients’ benefit. A lot of these cutting-edge technologies aren’t just an option they’re essential to an audit’s future that is successful.

The most cutting-edge technology tools that are making a significant impact on auditors are machine learning, data analytics and robotic process automation. These tools enable auditors to gain a deeper perspective of client processes, inventory and systems controls, which they can share with boards and management.

Blockchain is yet another emerging technology that can reduce the estimated time needed for the clearing of financial transactions to one or two hours. This could enable continuous risk assessments to be performed during the audit time period rather than a single year-end assessment.

Argus, an artificial intelligence (AI)-enabled software, is an example of a technology drastically reducing manual processing and reviewing required during an audit. It makes use of machine learning and natural language processing to rapidly search electronic document files which allows auditors to concentrate on more valuable tasks like reviewing risk and confirming the results.

However, there are a number of issues that could hinder the adoption of these technologies. Particularly, for companies that pay their employees based on billable hours, it can be difficult to find time to experiment with new tools for technology. The initial expenditure, as well as the ongoing costs associated with maintenance and support can be substantial. These challenges can be overcome by the continual collaboration of audit firms, standard-setting https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods agencies and regulators.

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