Innovation is essential in this business world that is constantly changing in which information is the currency. The accounting industry is going through a revolution with the ways audits and other processes are carried out. Emerging technologies like Blockchain and artificial intelligence (AI) Data Analytics and robotic procedure automation are transforming processes, providing better outcomes for clients.

Auditors are now able to provide more insightful information due to the ability to process and organize huge amounts of complex information at a rate previously unimaginable. The use of advanced analytical tools allows auditors to detect unusual transactions, latent patterns, or other issues they would otherwise miss, and tailor their risk assessment procedures to suit. These tools are also helping to spot potential future issues and to make predictions about the company’s performance.

Automation and specialized software can also reduce the amount of manual processing and reviewing work. For instance, Argus is an AI-enabled document analysis tool that uses natural machine learning and language processing to quickly query electronic documents, and is being used by Deloitte auditors to accelerate electronic document review that allows more time for the most valuable tasks, such as the assessment of risk and confirming results.

Despite these benefits, there are a number of barriers that prevent the full adoption and use of technology in auditing. Research has demonstrated that a number of factors, including person work, environment, and task which can impact the use of technology for audit. This is evident in the perceived impact on the independence of auditors and the lack of clarity regarding the regulatory response to the use of technology.