Technologies Auditors Should Learn to Stay Relevant

The audit profession is being transformed by technology. Here are key tools and skills every auditor should start using:

1. Python in Excel – Powerful Analysis in Familiar Format

Excel now supports native Python, allowing complex analytics directly in spreadsheets.

Examples:

• =PY("df[df['amount'] > df['amount'].mean() + 3 * df['amount'].std()]")

  Use case: Detecting Outliers in Transactions.

  
  

• =PY("df.groupby('Account Type')['Amount'].sum()"))

  Use case: Get total balances by account type or department.

  
  

• =PY("df.describe()")

  Use case: Summary statistics.

  
  

• =PY("df.merge(mapping_df, on='account_code', how='left')")

  Use case: Verify that each trial balance account has been mapped to financial statement lines.

This brings data science to audit workpapers without leaving Excel.

2. Nexly Platform – Learn It to Supercharge Your Financial Statement Reviews

If you're still reviewing financial statements manually, you're behind. Nexly is built specifically for auditors, and learning it is an easy win for audit teams that want to save time and reduce risk.

Why it's worth learning:

• Instantly detects discrepancies across financial statements (e.g., mismatched totals, rounding differences).

• Applies audit tick marks and references automatically, helping enforce documentation standards.

• Performs cross-footing and consistency checks that usually take hours to do manually.

• Supports review of notes disclosures, flagging missing or non-aligned sections.

Mastering Nexly means you can focus on judgment, not formatting or foot-checking. It transforms the way you review — faster, cleaner, and more accurate.

Schedule Nexly demo to see how you can innovate in your audit team

3. Referencing Formulas in Excel – Still Essential

Even with Python, Excel’s traditional formulas remain vital for auditors.

Examples:

• =XLOOKUP("Account123", A:A, B:B) – Efficiently retrieve values without complex nesting.

• =INDEX(B2:B100, MATCH("Account123", A2:A100, 0)) – Flexible lookups when working with structured data.

These are powerful for reconciling trial balances, mapping accounts to disclosures, or validating financial statement line items against working papers.

4. Nexly Ask AI – Secure AI Chat for Auditors

Auditors often hesitate to use public AI tools due to data confidentiality. Nexly Ask AI solves this with enterprise-grade data privacy. You can safely paste client data and interact with it securely.

Example: Ask AI can review note disclosures and compare them against financial reporting standard requirements, flagging missing elements or inconsistencies automatically.

5. Python in General – Automate and Analyze

Learning basic Python opens up powerful automation.

Example: Use Python scripts to:

• Automate repetitive Excel tasks with Python libraries such as openpyxl.

• Extract tables from PDFs for comparison with accounting records.

• Match journal entries to supporting documents using fuzzy logic.
  
  

Summary

Auditors who embrace AI, Python, and platforms like Nexly are positioned to deliver faster, smarter, and more secure audits. The future is already here—invest in the tools that will keep you relevant.