Innovative Technologies for Audit Firms

As the rapid pace of technological advancement continues, auditing firms face the challenge of finding ways to harness these new technologies to their clients for their benefit. Many of these innovative technology aren’t choices, but essential for the future of auditing.

Machine-learning, data analytics, and robotic process automation are the most advanced technology tools that make an enormous impact for auditors. These tools help auditors gain a thorough understanding of client processes, inventory, and system controls. They can then share this information to management and boards.

Another new tool is blockchain. It can cut down on the time of financial transaction clearance from months to just a few hours. This could enable continuous risk assessments throughout the period of audit, instead of only a single evaluation at the end of each year.

Argus, an artificial intelligence (AI)-enabled software, is one example of a technology that is dramatically reducing the amount of manual processing and reviewing required during an audit. It uses machine learning and natural language processing to speedily search for electronic documents and allows auditors to concentrate on more valuable tasks like checking navigate to this web-site for risk and confirming results.

There are still a few challenges which can hinder the implementation of new technologies. It can be particularly difficult to schedule time to explore new technologies for companies that pay contingent on hourly billables. The initial investment, as well as the ongoing costs of tech support and maintenance, can be significant. However, if there is a continuous collaboration between audit firms, standard setters and regulators the challenges can be overcome.