The landscape of auditing has changed a lot because of the revolution of technology. It has brought increased efficiency and accuracy to professional auditing services. It would not be wrong to say that technology has very positively altered traditional auditing practices and approaches.
The audit firms these days are very much investing in the tools and software that are supported by the technology so that they can utilize the advantages of these tools in their auditing practices. Many tools and software are emerging along with the ongoing trends. With the use of these tools the auditors can save a lot of their time that they can invest in other important things.
Data Analytics
Professionals these days are using advanced analytical tools for the collection and analysis of data. With the help of these tools, auditors can process big data very easily and it also saves their time that in the past got invested in analyzing the large set of data. Microsoft BI and SAS continuous monitoring are examples of these tools.
Machine Learning
The machine learning algorithms are taking the auditing process by storm as they help the auditors to examine the historical data that is historical and it also helps them to find any risk that has the potential to ruin things or any kind of anomalies. The AI system also helps the auditors to get insight from the data that is unstructured or complex.
Blockchain Technology
This technology is also very helpful for professional auditing services, it provides a way that is secured from any kind of tempering so that the transparency and security of any kind of financial transaction and important information are maintained. Quorum, Chainlink, and R3 Corda, these three are examples of this technology.
Cloud Computing
These days many organizations are opting for remote auditing but the auditors who are doing the remote auditing can face several issues. To make the remote auditing process smoother the cloud computing software and tools are used vigorously by the audit firms. Amazon Web Services Infrastructure-as-a-Service [IaaS], Google Could Platform, and Lacework are such an example among many.
The use of the tools and software in the auditing process is here to help the auditors bring more efficiency and authenticity into their work. CaseWare Idea, Audit Desktop, Cisco Webex, M-Files, Onspring, and MetricStream Audit Management, are the tools and software that auditors are using these days.
Trends
Many trends are shaping the face of auditing but it should be clear that audit is an industry of various dynamics and these trends play a significant role in uniting the whole landscape of auditing as one.
- Robotic Process Automation
This is used by the auditors to automate tasks that are repetitive and time-consuming such as data entry. With the aid of this, the auditors can focus on the main important pressing issues of the audit process.
- Cyber security
Cyber threats are a very touchy subject these days and auditing service also holds the same power. Many firms are investing in robust technologies that help them secure the information of their businesses and other transactions from cyber threats. Symantec Endpoint Protection and CrowdStrike Falcon is something that’s helping in the protection against cyber attacks.
- Remote Auditing
After COVID-19, the audit industry like any other industry of the globe has seen a significant trend of remote auditing. The auditors are using many virtual tools like Zoom, and GoTo Meeting in conducting the remote auditing.
Remote auditing practices also have opened the doors for businesses to take the audit services across the globe from any firm that they want and the auditors also take up the clients from across the globe without facing any issues.
Conclusion
While technology is an important part of auditing processes these days, it should not be ignored that the auditors also need to be skilled in this technology so that they can use it properly. This technology should be seen as a helping friend of the human and not something that can replace them. With the mind of auditors and the efficiency of technological tools, the organizations can always gain the efficient auditing services.
