Innovative Technologies for Audit Firms

As the technological revolution continues, audit companies have to face the challenge of utilizing these technologies to the advantage of their clients. A lot of these cutting-edge technologies aren’t just for show; they’re necessary for an audit’s future that is successful.

Machine-learning, data analytics and robotic process automation are among the most advanced technologies that are making an impact on auditors. These tools allow auditors to gain a deep understanding of the client’s processes including inventory, processes, and the system controls. They can then communicate this information to management as well as boards.

Another emerging tool is blockchain, which can cut down the time of financial transaction clearance from months to hours. This could enable navigate to this web-site continuous risk assessments to be made during the audit period, rather than a single year-end assessment.

Argus is an example of a software that makes use of artificial intelligence to cut down on the amount of manual review and processing required during an audit. It employs machine learning and natural language processing to quickly search electronic document files which allows auditors to concentrate on more valuable tasks such as the assessment of risk and verifying results.

There are a few hurdles that hinder the use of new technologies. Particularly, in companies where compensation is based on hours billable, it can be difficult to find the time to test new tools for technology. Additionally, the cost of the initial investment and ongoing tech support and maintenance could be a significant factor. But, with continued collaboration between audit firms regulators, standard setters and audit firms, these challenges can be overcome.