As the rapid pace of technological advancement continues, audit companies face the difficult task of figuring out ways to harness and utilize these technologies to their clients to their advantage. Many of these technological advances aren’t options, but necessary to ensure the future of auditing.
The most advanced technology tools that are making a significant impact on auditors are data analytics, machine learning and robotic process automation. These tools allow auditors to gain a greater understanding of the client’s processes, inventory and system controls, which they can share with boards and management.
Another new tool is blockchain, which can reduce the estimated time to clear financial transactions from months to just a few hours. This will allow continuous risk assessments throughout the period of audit instead of only a single assessment at year-end.
Argus, an artificial intelligence (AI)-enabled software, is a prime example of a new technology that is drastically reducing the amount of manual processing and reviewing that is required during an audit. It uses machine learning and natural language processing to rapidly browse through electronic document files, allowing auditors to focus on more important tasks, such as checking for risk and confirming results.
However, there remain several obstacles that could hinder the adoption of these technologies. It can be difficult to find the time to explore new technologies in companies where compensation is based upon billable hours. The initial investment, and the ongoing costs of tech support and maintenance, can be substantial. These issues can be addressed by a continuous collaboration between auditors, standard-setting firms and regulators.
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