Today, organisations in every profession are experimenting with emerging technologies and facing the reality of a disruptive tidal wave. Now audit faces a game-changing moment of its own. Technology has already improved audit quality, but how might newer technologies like artificial intelligence deliver greater insight and better judgement?
In the audit, automation is already making audits faster, smarter and reducing the risk of error. Detailed transaction testing is making the process much less manual and greatly reducing time spent. The use of drones in the audit is also bringing efficiencies.
We believe there are a number of emerging technologies such as artificial intelligence, natural language generation and virtual reality that have the potential to augment the audit and deliver benefits to companies. Where does that leave human auditors?
By operating with a clear set of programmable parameters and relying on logic, machines give much greater comfort when processing data. But someone will always be needed to programme the machine, guide the AI and offer experience as the basis from which they can learn.
To read more about how emerging technologies are impacting the audit, download our report below.
"Auditors shouldn’t stay still when the prize for all, brought about by technology, is an altogether better audit."
Will human auditors be replaced by machines or enhanced by them?