Making investments in the development of audit technology and implementation can be a costly endeavor. That’s why a comprehensive understanding of the scale of this process is crucial for those who make the decision.
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 analysis of the goals and objectives that must be met. Implementing audit technology is a complicated procedure that requires constant communication between teams and a thorough understanding of the pitfalls that may arise at any stage of the development process.
This is particularly important if the https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance/ project is to improve data organization and efficiency in auditing. For instance, a KPMG senior manager found that a company with multiple entities could save hundreds of hours in testing by using automated technology to match and map different data sets.
Another potential application of emerging technologies is to allow auditors to conduct audits in remote and virtual environments. This technology boosts efficiency, cuts down on travel costs and time spent meeting with clients, and allows auditors to make use of advanced tools such as 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 task which can be accomplished in one day. Her company has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to create audits that are tailored to specific risks, and also eliminate the need to collect samples.