Innovation is crucial in the business environment that is fast-paced in which information is the currency. The accounting industry is experiencing an evolution in the process of audits as well as other processes are carried out. Emerging technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are transforming processes, enabling more efficient outcomes for customers.

The ability to rapidly process and organize huge volumes of complex data at a rate previously unimaginable allows auditors to deliver more insightful insights than validation and compliance checks ever before. Enhanced analytical tools can assist in identifying unusual transactions, latent patterns or other issues that may otherwise be overlooked auditing professionals to tailor the risk assessment process to suit. These tools also help identify future issues and provide predictions regarding the performance of a firm.

In the same way, the use of automation and the use of specialized software reduces manual review and processing. For example, Argus is an AI-enabled document analysis tool that makes use of natural language processing and machine learning to rapidly interrogate electronic documents. It is used by Deloitte auditors to speed up the process of reviewing documents electronically which allows them to concentrate on high-value tasks like the assessment of risk and confirming results.

Despite these benefits however, many obstacles have been identified to hinder the full implementation of technology in the audit process. Research has demonstrated that a variety of factors, including people working, task, and the environment which can impact the use of technology in audit. These include the perceived effect on independence as well as a lack of clarity about the regulatory response to the use of technology which can affect the desire to use it in the real world.