Investment in the development of audit technology and implementation can be a costly endeavor. It’s important https://data-audit.net/2021/07/08/generated-post for decision makers to have a thorough understanding of this process.
According to experts, the creation 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 risks that could arise at any time during the development process.
This is particularly true if the goal of the project is to improve the organization of data and efficiency of audits. One KPMG senior manager realized that a business with many entities could reduce hundreds of testing time through automated technology.
Auditors could also conduct audits remotely or virtually. This technology can increase efficiency, cuts down on travel costs and time spent in meetings with clients and allows auditors to use more sophisticated tools, like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in auditing isn’t an overnight process. Her firm has implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has allowed her to create audits that are tailored to specific risks and eliminate the need for sample.