https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance

In a fast-paced business environment where information is the currency, innovation is essential. Accounting is undergoing an era of change in the ways audits and other processes are carried out. The latest technologies, such as Blockchain, artificial intelligence (AI), Data Analytics and robotic procedure automation are revolutionizing processes, creating better outcomes for clients.

The ability to process and organize huge volumes of complicated data at a speed previously unimaginable has enabled auditors to present more insightful insights than ever before. Enhanced analytical tools can assist in identifying irregular transactions, patterns that are not apparent or other issues that could otherwise be overlooked and allow auditors to adjust risk assessment procedures to suit. These tools can also assist to identify potential future issues, and to make predictions about the performance of a company.

Automation and specialized software can also reduce the amount of manual work and reviewing. Argus is a good example. It is an AI-enabled program which makes use of machine learning and natural language processing to efficiently interrogate electronic files. Deloitte audits use it to speed up electronic review of documents and allow them to concentrate more on tasks that are high-value, such as the assessment of risk and confirming results.

However, despite these benefits However, a variety of obstacles have been identified that inhibit the full use of technology in the audit process. Particularly, research has demonstrated that a combination of person working, task and environmental variables affect the use of technology in audit. These include the perception of the impact on independence as well as a lack of clarity around the regulatory response to the use of technology, which can impact the enthusiasm for implementing it in practice.