Investing in audit technology development and implementation can be a costly endeavor. That’s why a comprehensive understanding of the scope of this process is crucial for decision-makers.
According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources, and time. It also requires an extensive identification of goals and objectives which must be achieved. Implementation of audit technology is https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents a complicated process that requires constant communication between teams, as well as an in-depth understanding of risks that could arise at any stage of the development cycle.
This is especially applicable if the project’s objective is to improve audit efficiency and data organization. For instance, a KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours of testing by using automated technology to map and match disparate data sets.
Auditors can also conduct audits remotely or virtually. This technology enables greater efficiency, cuts down on travel costs and time spent in meetings with clients and also allows auditors to utilize more advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technologies into audits is not a process that can be done overnight. Her company has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has allowed her to customize the auditing procedures to address specific risks and eliminate the need to sample that results in higher efficiency and better quality.