Investing in audit technology development and implementation could be a costly undertaking. This is why a thorough understanding of the scope of this process is essential for those making the decisions.
According to experts, the creation and implementation of audit technology requires a significant amount of human resources, budget, and time. It also requires a thorough determination of the goals and targets which must be achieved. Implementation of technology for auditing is a complex procedure that requires constant communication between teams as well as a thorough understanding of the dangers that can arise at any point of the development cycle.
This is especially applicable if the project’s objective is to improve the efficiency of audits and https://data-audit.net/2021/07/13/generated-post-2/ data organization. For example, one KPMG senior manager discovered that a company with multiple entities could save hundreds of hours of testing using automated tools to match and map disparate data sets.
Auditors can also conduct audits remotely and virtually. This technology increases efficiency, reduces travel expenses and time spent with clients, and permits auditors to make use of advanced tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technologies into audits isn’t something that can be done overnight. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to customize audits to specific risks and also eliminate the requirement for samples.