https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods/

Innovation is essential in the fast-paced business world where information is the currency. The accounting industry is experiencing a revolution with the methods in which audits and other procedures are carried out. New technologies like Blockchain and artificial intelligence (AI) Data Analytics and robotic procedure automation are transforming processes, providing more efficient outcomes for clients.

Auditors can now provide more insightful and accurate information because of the capability to process and organize huge amounts of complex data quickly at a pace previously impossible. The use of advanced analytical tools allows auditors to detect unusual transactions, patterns that are not apparent or other problems they would otherwise overlook and tailor their risk assessment processes accordingly. These tools can also assist to identify potential future issues and also to make predictions about a company’s performance.

Similarly, the use of automated systems and specialized software is reducing manual processing and review work. Argus is one example. It is an AI-enabled software that utilizes machine learning and natural language processing to efficiently interrogate electronic files. Deloitte audits use it to speed up electronic review of documents, allowing them to focus on more valuable tasks like the assessment of risk and confirming results.

Despite these benefits However, a variety of obstacles have been identified that inhibit the full implementation of technology in the audit process. Particularly, research has demonstrated that a combination of person, task and environmental factors influence the use and application of technology for audit. This includes the perceived impact on the independence of the auditor as well as the lack of clarity on the regulatory response towards the use of technology.