As the whirlwind of technological advancement continues, audit firms face the challenge of finding ways to harness and apply these tools to their clients’ benefit. A lot of these cutting-edge technologies aren’t just an option; they’re necessary for an audit’s future that is successful.

Data analytics, machine-learning and robotic process automation are the most advanced technologies that are making an impact on auditors. These tools enable auditors to gain a better understanding of the client’s processes, inventory and system controls that they can share with management and boards.

Blockchain is another new tool Discover More that could cut down the time required for the clearance of financial transactions to one or two hours. This could allow continuous risk assessments throughout the period of audit, instead of just a single assessment at the end of the year.

Argus is an example of a software that makes use of artificial intelligence to cut down on the amount of manual review and processing required during an audit. It utilizes machine-learning and natural language processing in order to search quickly for electronic document files. This allows auditors to concentrate their attention on more valuable activities, such as assessing risks and confirming results.

However, there remain a number of issues that could hinder the acceptance of these technologies. It can be difficult to find the time to test new technologies for companies that pay dependent on hourly billables. Additionally, the cost of the initial investment as well as ongoing tech support and maintenance can be a major factor. These issues can be solved by a continuous collaboration between audit firms, standard-setters and regulators.