When we talk about innovation in auditing, finance, and accounting, words like architectural, incremental, and disruptive inventions often come to our minds. Jenitha John understands this because these technologies bring about significant changes after all. But what if we tell you that there’s a form of innovation that takes things up a notch?
An increasing number of organisations in finance and auditing are adopting radical innovations. We spoke with Jenitha John – a seasoned executive with 28+ years of industry experience – to discover 5 most radical technologies that are reshaping the auditing and finance landscape.
What are Challenges Faced by Auditing and Finance Companies?
Before addressing the elephant in the room, Jenitha John put the spotlight on challenges that have actually led us to this topic. The challenges faced by auditing and finance companies are complex and demanding.
According to Jenitha John – Past Global Chairman of the Institute of Internal Auditors, representing 200,000 members in over 170 countries – here are some obstacles that they consistently encounter:
- Resource limitations: Internal audit departments often work with limited staffing and budgets. Result? Restriction on conducting thorough analyses and decisively covering all pivotal areas.
- Skill gaps: Given the increasing perplexity of modern-day businesses, auditors are required to have special skills in areas like IT, cybersecurity, and data analytics. But finding and retaining talent with these in-demand skills… That is burdensome.
- Technological advancements: There’s no denying the fact of how rapidly technology is changing. This change has necessitated continuous learning and adaptation to new systems and tools.
- Organisational culture: Having a supportive organisational culture is a plus for an effective internal audit, Jenitha John believes. However, what she has noticed – resistance to change, lack of staff cooperation; failure to implement management actions.
Factors like regulatory complexity, expectation gaps, data overload, and independence and objectivity also leave a mark on the ability of auditors to provide accurate and timely insights.
How Technologies are a Boon for These Industries?
In Jenitha John’s opinion, radical technologies are changing the way accounting companies audit and handle finance for their clients by addressing the aforementioned challenges. Gone are the times when we all used to do things manually. Times when each miscalculation or mistake led to financial blunders and penalties. These innovations have greatly improved efficacy and precision.
Professionals can now focus on more strategic activities. Radical technologies also provide better risk management tools, enabling financial experts like Jenitha John to point out potential issues earlier, that too with greater precision.
Radical technologies give access to real-time insights. Meaning, everyone can now proactively monitor and respond to emerging risks. Operational costs now are low (good news for both audit firms and their clients).
Want to promote greater transparency and trust among stakeholders? Go for modern technologies. We are indeed experiencing a remarkable transformation across our industries, says Jenitha John!
5 Technologies Revolutionizing Auditing and Finance Industry
Having observed the changes in auditing and finance over 2 decades, Jenitha John has seen technologies alter the audit and finance industry. Here are 5 biggest ones that she believes are at the forefront:
1 Artificial Intelligence and machine learning
AI and ML are auditors that never get fatigued. They can analyze vast datasets in mere seconds and spot errors that escape human notice. Using these radical technologies, auditing and financial companies can automate routine tasks like invoice processing and reconciliation.
Rather, they can focus on more complex analysis, risk evaluation, and strategic decision-making.
2 Blockchain technology
Jenitha John calls this an immutable ledger. Thanks to decentralized and tamper-restraint characteristics of blockchain, it has transformed how transactions are recorded and verified in 2025. This technology can create an unchangeable auditing trail. A relief for auditors since the chances of fraud and mistakes are now significantly lower.
For finance, blockchain bestows secure and transparent platforms for transactions, smart contracts, and supply management, says Jenitha John.
3 Robotic process automation
Have you ever thought of having a partner who can handle your repetitive, rule-based tasks? This dream of yours can now come true. Robotic process automation (RPA) can manage your tasks like data entry, report generation, and compliance checks.
Auditors and finance managers can boost efficiency and minimise errors, says Jenitha John. They can simplify account reconciliation and financial reporting.
4 Data analytics and visualization
Utilising advanced data analytics tools along with robust visualization techniques will enable auditors and finance experts to figure out hidden patterns, trends, and anomalies that their traditional methods might miss. In simple words, these tools allow for better decision-making, improve risk management, and boost overall business performance!
5 Cloud computing
Finally on Jenitha John’s list of the best radical technologies for the audit and finance industry is cloud computing. The days of arranging costly hardware and infrastructure are long gone. And credit goes to instant availability of computing power, storage, and applications by cloud computing.
For audit firms and finance departments, it means:
- Better flexibility
- Scalability
- Cost savings.
Cloud-based platforms also promote collaboration and data sharing, says Jenitha John. Translation, improved efficiency and productivity.
Jenitha John’s Final Thoughts on Radical Technologies
Adapting to new changes is not an easy feat. They are always seen as a challenge, particularly in the finance sector – a reality Jenitha John knows all too well. However, ignoring these groundbreaking radical technologies is no longer feasible. Given how quickly the auditing and accounting sector is evolving, resisting these might put you at a disadvantage.
Therefore, do not hesitate. Open your arms to welcome these innovations. Let’s create a financial ecosystem your clients can rely on. What do you think of these radical technologies? Share your thoughts in the comment section.
About Jenitha John:
Jenitha John is a distinguished leader in governance, risk management, and assurance. Boasting over 28 years of corporate experience in finance, her accolades include Lifetime Achievement Award from the UAE Institute of Internal Auditors in 2024. This reflects her commitment to excellence!
Jenitha John has served as a non-executive director, and has worked for leading organizations like IIA Inc, GRI, and FirstRand. As a former Global Chairman of IIA, she has influenced best practices for over 200,000 members worldwide. John actively participates in mentoring, panel discussions, and conferences across 30 countries.
She frequently speaks on topics such as corporate governance, AI’s impact on industries, and risk management. Currently, Jenitha John is providing strategic assurance and training to organizations across the globe. Contact Jenitha John for expert guidance in internal auditing and governance best practices!
