How is technology transforming audits? Audit management software. It’s changed the game.
Let’s be frank, auditing is typically a monotonous and time-consuming process. Even for the most positive auditor, manually auditing all day gets mind-numbingly dull. However, with the help of technology, auditing is more efficient, more accurate, and, many auditors say, more enjoyable.
Technology in auditing means fewer mistakes
One of the biggest changes brought about by technology in auditing is the use of data analytics. With the incomprehensible amount of data businesses generate today, it’s incredibly difficult and time-consuming to conduct audit tests manually.
Intelligent audit platforms quickly scan through large amounts of data, looking for patterns and anomalies that flag points of interest or errors. They can also help you quickly match Excel data with supporting documents in just a few clicks. This saves a significant amount of time and effort for auditors, and it can also help them to identify issues that they might have missed otherwise.
Essentially, no more pulling your hair out due to human error.
How technology is transforming audits with less repetitive work
Most audits require manually scouring through enormous sets of data in multiple formats to extract essential insights a business needs to manage its accounts. Many of these tasks that used to be done manually can now be automated including data entry and complex inspections. This helps to reduce the risk of errors, as well as save time for auditors.
Through intelligent automation and other solutions, technology is changing the landscape of auditing and the day-to-day tasks of an auditor. It allows auditors to focus on more complex tasks, such as using professional judgment to ensure no biased manipulation of accounting information.
Saving time with technology is fantastic, especially for junior auditors, who can now spend more time on the exciting part of their job: investigating discrepancies and creating insightful reports for their firm.
Faster review process with improved quality
Technology in auditing is giving senior auditors more time to focus on individual client needs due to a clearer overview.
For example, cross-referencing valid audit evidence with Excel data is made possible by technology. This allows senior auditors to have a clear overview of audit procedures from start to finish saving them a significant amount of time.
Another example of how technology is transforming audits is easy to point out and comment on key details of the audit procedures conducted. DataSnipper uses automated tickmarks and commenting to allow senior auditors to easily communicate with their audit team or clients.
Work from anywhere
Technology in auditing has also made it possible for auditors to work remotely and access data from anywhere at any time, thanks to cloud-based applications. Who says auditing can’t be done from a beach in Fiji (or, more realistically, one of your client’s offices)?
This makes it easy to share data and collaborate with other auditors or stakeholders, adding a sense of teamwork and camaraderie to the audit process. This is especially useful for senior auditors who have to travel frequently or work on projects with multiple clients.
Technology continues to push boundaries
In addition to these technological advancements, there are also many other tools and technologies available to auditors today, such as intelligent automation, machine learning, and natural language processing.
Technology has transformed the world of auditing. With data analytics, automation, cloud-based applications, and other tools and technologies, auditors can work more effectively and with higher efficiency.
This can help to reduce the risk of errors and fraud and make audits more transparent. As technology continues to evolve, we can expect to see even more changes in the way audits are conducted in the future, providing many new and exciting opportunities for auditors.
DataSnipper is at the forefront of intelligent automation. Curious to learn more about how DataSnipper transforms the world of audit? Sign up for one of our deep-dive webinars!