Technology has changed every industry, and the audit sector is no exception. With advanced tools such as advanced analytics, adaptive artificial intelligence and virtualization auditors can use technology to increase productivity, improve efficiency and deliver more dynamic audit experiences for their clients.
Adopting innovative technologies can be a challenge despite the benefits. When deciding on the implementation of new technologies, it is essential to consider the costs and the impact it will have on the team. A thorough understanding of the technology’s capabilities as well as a robust security plan, are crucial for successful implementation.
The use of technology in auditing could help in gaining a better understanding of the processes of clients, inventories and system controls. Auditors can use advanced tools to identify potential accounting, fraud and failure risks in a client’s data sets. In turn, this allows them to identify and communicate the results of their work to boards and management in a more rapid and efficient way.
Other audit innovations that make use of technology include process mining, which identifies the flow of information within a system, allowing it to determine the level of control in place; and robotic process automation (RPA), which automates repetitive tasks, saving time and improving consistency. Additionally, leveraging technology can help to reduce the stress of meeting deadlines and provide an audit that is more reliable by reducing manual work and delivering automated solutions for complicated tasks.