Innovation is essential in the fast-paced world of business where information is the currency. The accounting sector is experiencing a paradigm shift in the methods of conducting audits, with emerging technologies such as blockchain, artificial intelligence (AI) data analytics and robotic procedure automation transforming processes and providing more efficient and effective results for clients.

The ability to rapidly process and organize massive amounts of complex data at a speed previously unimaginable is allowing auditors to provide more insightful insights than ever before. Improved analytical tools can help in identifying unusual transactions, latent patterns or other issues that could otherwise be overlooked and allow auditors to adjust risk assessment procedures accordingly. These tools can also help identify future issues and make predictions about the performance of an organization.

Automated software and specialized programs can also reduce the amount of manual work and reviewing. Argus is one example. It is an AI-enabled software that uses machine learning and natural language processing to quickly interrogate electronic files. Deloitte audits use it to speed up electronic document reviews which allows them to concentrate more on the high-value 3 reasons to invest in document compliance tasks such as reviewing risk and verifying results.

In spite of these benefits, a number of barriers have been identified to hinder the full adoption of technology in the audit process. Particularly, research has revealed the fact that a variety of individual tasks, environmental and other factors influence the use of technology for audit. This includes the perception of the impact on independence and lack of clarity on the regulatory response to the use of technology, which can impact the enthusiasm for its implementation in practice.