In a fast-paced business environment where information is the currency, innovation is essential. The accounting sector is experiencing a paradigm shift in the method of auditing, using new technologies like blockchain and artificial intelligence (AI), data analytics and robotic procedure automation transforming processes and delivering more efficient and effective outcomes for clients.

Auditors can now provide more insightful insights because of the ability to analyze and organize large amounts of complex data quickly at a rate previously unimaginable. Advanced analytical tools can aid in identifying unusual transactions, latent patterns or other issues that could otherwise be overlooked, allowing auditors to tailor risk assessment procedures to suit. These tools also help to identify potential future issues and predict the performance of a business.

Similar to that, the use automated systems and specialized software reduces manual review and processing. Argus, for example, is an AI-enabled software that uses machine learning and natural language processing to efficiently examine electronic files. Deloitte audits use it to speed up electronic review of documents, allowing them to focus on more valuable tasks like assessing risk and verifying results.

Despite these benefits However, there are a myriad of barriers that prevent the full implementation and use of technology in auditing. Research has shown that a number of factors, including person, task, and environment and their impact on the use of technology in audit. These include the perceived impact on independence as well as a lack of clarity regarding the regulatory response to the use of technology, which can affect the desire for its implementation in practice.