Investing in audit technology development and implementation could be a costly venture. This is why having a complete understanding of the scale of this process is vital for those who make the decision.
According to experts, the development and implementation of audit technology requires a significant amount of human resources, budget and time. It is also crucial to establish the goals and objectives which need to be addressed. Implementing audit technology is a complex procedure that requires constant communication between teams as well as an understanding of pitfalls that may arise at any point of the development process.
This is particularly applicable if the project’s objective is to improve the efficiency of audits and data organization. One KPMG senior manager found that a business with many entities could cut down on hundreds of testing time by using automated technologies.
Auditors are also able to conduct audits remotely or virtually. This technology can improve efficiency, cuts down on travel costs and time spent with clients, and allows auditors to make use of advanced tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not an easy https://data-audit.net/2021/07/13/generated-post-2/ task that can be done overnight. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transactions. This technology has allowed her to customize audit procedures to meet specific risks and remove the need for sampling which results in greater efficiency and better quality.