Innovation in audit takes the analytics, AI route: Audit analytics, cognitive technologies to set accountants free from grunt work


At Rutgers University, for example, Miklos Vasarhelyi, the director of the Rutgers Accounting Research Center and Continuous Auditing & Reporting Lab, has been advocating for more analytics and more continuous, semi-automated audit processes for many years. Martin Baumann, the chief auditor and director of professional standards at the Public Company Accounting Oversight Board, commented in a video interview for the Journal of Accountancy:3 "We wouldn't want auditing standards to be an inhibitor that might otherwise allow technological audit achievements to move ahead." The leaders of the practice are committed to major changes in audit processes and technology, and analytics and automation technologies are key features of the new process. I've spoken about this topic with audit executives at Deloitte, accounting professors at various universities, and vendors of analytics and automation technologies.