As the pace of technological advancement continues, auditing firms face the difficult task of figuring out ways to harness these technologies to their clients for their benefit. Many of these new technologies aren’t just options they’re essential for the future of auditing.
The most technologically advanced tools that are having a major impact on auditors are machine learning, data analytics and robotic process automation. These tools enable auditors to gain a deep knowledge of the processes of clients including inventory, processes, and control systems. They can then communicate this information to management as well as boards.
Blockchain is yet another emerging technology that could cut the estimated time for clearing financial transactions to only one or two hours. This could enable continuous risk assessments to be carried out during the audit period, rather than a single assessment at the end of the year.
Argus, an artificial intelligence (AI)-enabled software, is a prime example of a technology that is drastically reducing the amount of manual processing and reviewing that is required during an audit. It utilizes machine-learning and natural language processing in order to quickly search electronic document files. This lets auditors focus their attention on more important tasks, like checking for risks and confirming the results.
But there are still some obstacles that can limit the application of these tools. Particularly, at companies that pay their employees based on hours billable, it can be difficult to find time to test new technology tools. The initial investment, as well as the ongoing costs of maintenance and support for technology can be significant. These issues can be addressed through the ongoing collaboration of audit firms, standard-setting organizations and regulators.
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