https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance/
In a fast-paced business environment where information is the primary currency innovation is vital. The accounting sector is experiencing a paradigm shift in the method of auditing, with emerging technologies such as blockchain and artificial intelligence (AI) and data analytics and robotic procedure automation transforming processes and delivering more efficient and effective results for clients.
Auditors are now able to provide more insightful insights because of the ability to process and organize large volumes of complex data at a speed previously unimaginable. Advanced analytical tools can aid in identifying irregular transactions, patterns that are not apparent or other issues that could otherwise be overlooked, allowing auditors to tailor risk assessment procedures to suit. These tools also assist in identifying future issues and make predictions about the performance of a company.
Automation and specialized software can also reduce the amount of manual processing and reviewing. Argus is a good example. It is an AI-enabled tool which makes use of machine learning and natural language processing to swiftly analyze electronic documents. Deloitte audits use it to accelerate electronic document reviews, allowing them to focus more on tasks that are high-value, such as assessing risk and verifying results.
In spite of these benefits however, many obstacles have been identified that hinder the full use of technology in the audit process. Particularly, research has shown the fact that a mix of person tasks, environmental and other factors influence the use of technology in audit. These include the perceived impact on independence and a lack of clarity about the regulatory response to the use of technology, which may affect the appetite to use it in the real world.