As the technological revolution continues, audit firms have to face the challenge of utilizing these technologies to their clients’ advantage. Many of these innovative technologies aren’t just options but are essential for an effective future in auditing.

Machine-learning, data analytics, and robotic process automation are among the most advanced technology tools making an impact on auditors. These tools help auditors gain a deeper understanding of client processes, inventory, and system controls. They can then communicate this information to management as well as boards.

Blockchain is another new tool which could reduce the estimated time for the clearance of financial transactions to one or two hours. This will allow continuous risk assessments during the period of audit, instead of only a single assessment at the end of the year.

Argus is an example of a software that uses artificial intelligence to cut down on the amount of manual review and processing that is needed during an audit. It makes Discover More use of machine-learning and natural language processing to efficiently search electronic documents. This allows auditors to concentrate their attention on more valuable tasks, such as the assessment of risks and verifying results.

However, there remain several obstacles that may hinder the acceptance of these technologies. It can be difficult to find time to test new technologies in firms where compensation is based upon hourly billables. The initial investment, and the ongoing costs of maintenance and support can be substantial. However, if there is a continuous collaboration between audit firms regulators, standard-setting agencies and auditors the challenges can be overcome.