Innovation is essential in the business environment that is fast-paced where information is the primary currency. The accounting industry is experiencing an evolution in the way audits and other processes are conducted. New technologies like Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are revolutionizing processes, creating better outcomes for clients.

Auditors can now deliver more insightful and accurate information because of the ability to analyze and organize large amounts of complex information at a speed that was previously impossible. Advanced analytical tools can aid in identifying unusual transactions, latent patterns or other issues that might otherwise be overlooked and allow auditors to adjust processes for risk assessment to suit. These tools are also helping to identify potential future issues and to predict the performance of a business.

Automated software and specialized programs can also reduce the amount of manual work and reviewing. Argus is one example. It is an AI-enabled program that uses machine learning and natural language processing to efficiently interrogate electronic files. Deloitte audits use it to speed up electronic review of documents which allows them to concentrate more on high-value activities like reviewing risk and verifying results.

Despite these advantages However, there are a myriad of barriers that prevent the full adoption and use of technology in auditing. Specifically, research has highlighted that a combination of person work, task and environmental factors 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 on the regulatory response towards the use of technology.

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