The audit industry isn’t an exception. Technology has transformed every industry. With the help of advanced tools such as advanced analytics, adaptive artificial intelligence and virtualization, auditors have the ability to increase productivity, improve efficiency, and provide an improved audit experience for their clients.

Despite the benefits but there are a lot of obstacles to adopting innovative technologies. When planning the adoption of new technologies, it’s important to consider the cost and the impact the technology will impact the team. In addition, a solid understanding of the tech’s capabilities and a robust security plan are essential for the success of the implementation.

One of the major benefits of using technology for audit is gaining a deeper perspective into clients’ processes including inventory, systems controls and. Auditors can utilize sophisticated software to detect potential accounting, fraud and failure risk in client’s data. In turn, this lets them identify and report the outcomes of their work to management and boards in a faster and more efficient manner.

Other auditing innovations that rely on technology include process mining (which is a method of identifying the flow and control of data within a system) and robotic process automation. RPA automates repetitive tasks to reduce time and increase consistency. Furthermore, using technology can ease the stress of meeting deadlines as well as provide an improved auditing experience by reducing manual activities and providing automated solutions for difficult tasks.

https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods