Deloitte wins ‘Audit Innovation of the Year’ at 2015 International Accounting Bulletin awards

Deloitte’s commitment to leading the profession in audit quality has been recognized with International Accounting Bulletin’s prestigious “Audit Innovation of the Year” award for its demonstrated dedication to innovation and the development of leading-edge tools to transform audit service delivery.

International Accounting Bulletin’s “Audit Innovation of the Year” award recognizes organizations that make a major impact on audit quality and client service. Entries were judged based on demonstrated improvements in quality; efficiency, accuracy, and reliability; client satisfaction; uniqueness to the market; and evidence that the innovation has become a best practice.

Deloitte’s next-generation applications are leading audit into the future by employing advanced technologies, artificial intelligence and analytics capabilities to improve quality and streamline audit processes. In particular, a leading-edge tool called “Argus”–which contributed to Deloitte’s “Audit Innovation of the Year” award–innovates the audit of electronic documents by making use of cognitive technologies–computer systems capable of performing tasks normally requiring human intelligence. Argus “learns” from every human interaction and leverages advanced machine learning techniques and natural language processing to automatically identify and extract key accounting information from any type of electronic document, allowing for a historically time-consuming, manual process to be completed quickly and with ease.

Just months after being broadly released, Argus is being used on engagements by over 1,000 auditors and has already analyzed over 30,000 documents.

Argus is just one example of Deloitte’s suite of next generation audit applications. By employing state-of-the-art tools like Argus in our audit work, Deloitte’s professionals are able to spend more time interpreting results, exercising professional skepticism and focusing on risks.

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