https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications

Innovation is essential in this fast-paced world of business in which information is the primary 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 changing processes, creating more efficient results for clients.

Auditors are now able to provide more insightful insights due to the ability to analyze and organize large amounts of complex data at a speed previously unimaginable. The use of sophisticated analytical tools allows auditors to identify irregular transactions, latent patterns or other issues they would not otherwise notice, and adjust their risk assessment procedures according. These tools are also helping to identify possible future issues and to predict the performance of a business.

Automation and specialized software can also reduce the amount of manual processing and reviewing. Argus is a good example. It is an AI-enabled software that utilizes machine learning and natural language processing to quickly interrogate electronic files. Deloitte audits use it to speed up electronic review of documents and allow them to concentrate more on the high-value tasks such as reviewing risk and verifying results.

In spite of these benefits however, many obstacles have been identified that inhibit the full use of technology in the audit process. Particularly, research has demonstrated that a confluence of person tasks, environmental and other factors influence the use of technology in audit. These include the perception of the impact on independence and lack of clarity about the regulatory response to the use of technology which can impact the enthusiasm for implementing it in practice.