As the pace of technological advancement continues, audit firms face the challenging task of finding ways to harness and use these technologies to their clients and their own https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance benefit. Many of these innovative technology aren’t options, but necessary for the future of auditing.

Machine-learning, data analytics and robotic process automation are among the most advanced technology tools making an impact on auditors. These tools enable auditors to gain a thorough knowledge of the processes of clients including inventory, processes, and control systems. They can then communicate this information to management and boards.

Another new tool is blockchain, which can reduce the estimated time required for financial transaction clearance from months to a matter of hours. This may allow continuous risk assessments throughout the audit period, rather than only a single assessment at the end of the year.

Argus is an example of a program that uses 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 in order to quickly search electronic document files. This lets auditors focus their attention on more important tasks, such as reviewing risks and confirming results.

However, there are a number of obstacles that could hinder the acceptance of these technologies. Particularly, in companies that pay their employees based on billable hours, it may be difficult to find time to try out the latest technology tools. The initial investment, and the ongoing costs of maintenance and support can be significant. These challenges can be overcome by the continual collaboration of audit firms, standard-setters and regulators.