Veyore

https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents

Innovation is essential in the business world that is constantly changing in which information is the currency. The accounting industry is experiencing a revolution in the way audits are conducted, with emerging technologies such as blockchain, artificial intelligence (AI) data analytics and robotic procedure automation revolutionizing processes and enabling more efficient and effective outcomes for clients.

Auditors can now provide more insightful and accurate information because of the capability to process and organize huge amounts of complex information at a speed that was previously impossible. The latest analytical tools can aid in identifying unusual transactions, latent patterns or other issues that may otherwise be missed auditing professionals to tailor processes for risk assessment to suit. These tools also aid in identifying future problems and make predictions about the performance of a business.

Automated software and specialized programs can also reduce the amount of manual processing and reviewing work. For example, Argus is an AI-enabled document analysis software that employs natural language processing and machine learning to quickly analyze electronic documents. It is utilized by Deloitte auditors to speed up electronic document review and allowing more time to focus on the most valuable tasks, such as the assessment of risk and confirming results.

In spite of these benefits, there are a few obstacles have been identified that prevent the full implementation of technology in the audit process. Specifically, research has highlighted the fact that a variety of individual working, task and environmental variables impact the use of technology for audit. This is evident in the perceived impact on the independence of auditors and the lack of clarity about the regulatory response towards the use of technology.