Investment in the development of audit technology and implementation could be a costly endeavor. It is vital for decision makers to have a solid understanding of this process.
According to experts, the development and implementation of audit technology requires a significant amount of budget, human resources, and time. It is also essential to establish the goals and objectives which must be met. Implementing audit technology is a complicated procedure that requires constant communication between teams as well as an in-depth understanding of potential pitfalls that can occur at any point of the development process.
This is particularly relevant if the goal of your project is to improve efficiency in audits and data organization. For instance, a KPMG senior manager discovered that a business with https://data-audit.net/2021/07/08/generated-post multiple entities could save hundreds of hours in testing by using automated technology to compare and map disparate data sets.
Another possible use for the emerging technologies is to allow auditors to conduct audits in a remote and virtual environment. This technology improves efficiency, reduces travel costs and time spent in meetings with clients and permits auditors to use advanced tools, such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland she says that incorporating new techniques into audits isn’t something which can be accomplished in one day. Her firm has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has allowed her to customize audits to specific risks, and eliminate the need to collect samples.