Innovative Technologies for Audit Firms

As the technological revolution continues, audit firms are confronted with the task of harnessing and using these technologies to best virtual data room for best performance the advantage of their clients. A lot of these cutting-edge technologies aren’t just for show they’re essential for an audit’s future that is successful.

Data analytics, machine-learning and robotic process automation are among the most advanced technology tools making an enormous impact for auditors. These tools help auditors gain a deeper perspective of client processes, inventory and systems controls that they can communicate with management and boards.

Another emerging tool is blockchain. It can cut down on the time for clearing financial transactions from months to hours. This will allow for continuous risk assessments to be conducted during the audit time period rather than a single annual assessment.

Argus is an example of a software that makes use of artificial intelligence to cut down on the amount of manual review and processing that is required during an audit. It makes use of machine learning and natural language processing to swiftly search for electronic documents which allows auditors to concentrate on more valuable tasks such as the assessment of risk and verifying results.

But there are still several obstacles that may hinder the adoption of these technologies. In particular, at firms where compensation is based on billable hours, it may be difficult to find the time to try out new tools for technology. The initial investment, along with the ongoing costs associated with maintenance and support can be significant. However, with a constant collaboration between audit firms regulators, standard setters and audit firms the challenges can be overcome.