Making investments in the development of audit technology and implementation can be a costly endeavor. It’s important for decision makers to have a thorough understanding of this process.
Experts suggest that the design and implementation process of audit technology requires considerable time and money as well as human resources. It is also crucial to determine the goals and objectives which have to be achieved. Additionally, the implementation process of audit technology is a challenging task that demands continuous back-and-forth communication between different teams and an understanding of pitfalls that can emerge at any point in the development cycle.
This is particularly true if your project’s goal is to improve the efficiency of audits and data organization. One KPMG senior manager discovered that a company with many entities could reduce hundreds of testing time using automated tools.
Another possible application for emerging technologies is that auditors can conduct audits from a remote and virtual environment. This technology increases efficiency, reduces travel expenses and time spent meeting with clients, and permits auditors to use sophisticated tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technologies into audits is not a process that can be completed in a matter of hours. Her firm implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has allowed her to customize audit procedures to meet specific https://data-audit.net/ risks and eliminate the need to sample which results in greater efficiency and better quality.
