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Innovation is essential in this fast-paced business world, where information is the currency. The accounting industry is undergoing an evolution in the ways audits and other processes are carried out. New technologies like Blockchain, artificial intelligence (AI) Data Analytics and robotic procedure automation are revolutionizing processes, providing more efficient outcomes for clients.

The ability to quickly process and organize huge volumes of complex data at a speed previously unimaginable is allowing auditors to present more insightful insights than ever before. The use of advanced analytical tools allows auditors the ability to identify unusual transactions, patterns of latent activity or other problems they would otherwise miss, and to modify their risk assessment processes accordingly. These tools also assist in identifying future issues and make predictions about the performance of a business.

Similar to that, the use automated systems and specialized software is reducing manual review and processing. For instance, Argus is an AI-enabled document analysis tool that utilizes natural machine learning and language processing to quickly analyze electronic documents, and is being used by Deloitte auditors to accelerate electronic document review that allows more time for the most valuable tasks, such as the assessment of risk and confirming findings.

In spite of these benefits, a number of barriers have been identified that hinder the full use of technology in the audit process. Research has shown that a mix of factors, including people working, task, and the environment, can impact the use technology in audit. This is evident in the perceived impact on the independence of the auditor and the lack of clarity in the regulatory response towards the use of technology.