As the whirlwind of technological advancement continues, audit companies face the challenging task of finding ways to harness these tools to their clients and their own benefit. Many of these new technologies aren’t just for show but are essential for a successful future in auditing.

The most modern technology tools that are having a major impact on the auditor are machine learning, data analytics and robotic process automation. These tools allow auditors to gain an in-depth knowledge of the processes of clients including inventory, processes, and control systems. They can then communicate this information with management and boards.

Another new tool is blockchain. It can reduce the estimated time of financial transaction clearance from months to hours. This will allow continuous risk assessments throughout the period of audit instead of only a single assessment at year-end.

Argus is an example of a program which makes use of artificial intelligence to reduce the amount of manual review and processing required during an audit. It makes use of machine-learning and natural language processing to quickly search electronic document files. This allows auditors to focus their attention on more important activities, such as checking for risks and confirming the results.

There are a few hurdles which can hinder the implementation of new technologies. It can be difficult to schedule time to test new technologies in firms where compensation is dependent on hourly billables. Also, the cost of the initial investment as well as regular support and maintenance can be a major factor. But, with continued collaboration between audit firms regulators, standard-setting agencies and auditors the challenges can be overcome.

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