www.data-audit.net/2023/05/31/what-is-business-intelligence
As the pace of technological advancement continues, audit firms face the daunting task of finding ways to harness these technologies for their clients for their benefit. A lot of these cutting-edge technologies aren’t just options they’re essential to the future of auditing.
Machine-learning, data analytics and robotic process automation are the most advanced tools in technology that have made an enormous impact for auditors. These tools help auditors gain an in-depth understanding of client processes as well as inventory and system controls. They can then share this information to management and boards.
Another emerging technique is blockchain, which can cut down on the time to clear financial transactions from months to just a few hours. This could enable continuous risk assessments to be conducted during the audit period rather than a single year-end assessment.
Argus, an artificial intelligence (AI)-enabled software, is an example of a technology that is drastically reducing the amount of manual processing and reviewing required during an audit. It makes use of machine-learning and natural language processing to speedily search for electronic document files. This lets auditors concentrate their attention on more important tasks, like checking for risks and confirming the results.
However, there are some obstacles that could hinder the adoption of these technologies. Particularly, in companies which pay employees according to billable hours, it may be difficult to find time to try out new tools for technology. Additionally, the cost of initial investment as well as regular support and maintenance can be a significant consideration. But, with continued collaboration between audit firms, standard setters and regulators and regulators, these issues can be overcome.
