Innovative Technologies for Audit Firms

Innovative Technologies for Audit Firms

As the technological revolution continues to advance, audit firms have to face the challenge of utilizing these technologies to the advantage of their clients. Many of these innovative technology aren’t just options, but essential to ensure the future of auditing.

Data analytics, machine-learning and robotic process automation are the most advanced technologies that are making an impact on auditors. These tools help auditors gain a better understanding of client processes, inventory and systems controls that they can communicate with management and boards.

Blockchain is another emerging tool discover this that could cut down the time required for the clearance of financial transactions to one or two hours. This could enable continuous risk assessments throughout the audit period, rather than just a single evaluation at the end of each year.

Argus, an artificial intelligence (AI)-enabled software, is an example of a new technology that is dramatically reducing the amount of manual processing and reviewing required during an audit. It utilizes machine-learning and natural language processing in order to quickly search electronic documents. This lets auditors concentrate their attention on more valuable tasks, like the assessment of risks and verifying results.

But there are still several obstacles that may hinder the use of these technologies. It is particularly difficult to schedule time to play around with new technology for companies that pay contingent on hourly billables. The initial investment, along with the ongoing costs of tech support and maintenance, can be substantial. These issues can be resolved by the continual collaboration of auditors, standard-setting firms and regulators.