Investing in the development and implementation of audit technology could be an expensive endeavor. It is vital for decision makers to be aware of the process.
According to experts, the creation and implementation of auditing technology requires a substantial amount of human resources, budget, and time. It also requires an extensive understanding of the goals and objectives that must be accomplished. Implementation of audit technology is a complicated procedure that requires continuous communication between teams and an understanding of dangers that can arise at any stage of the development cycle.
This is particularly important if the project is to improve the organization of data and audit efficiency. One KPMG senior manager realized that a company with many entities could save hundreds in testing time through automated systems.
Auditors can also conduct audits remotely and virtually. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings with clients and permits auditors to use more sophisticated tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technology into audits isn’t an easy task that can be completed in a matter of hours. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to tailor audit procedures to meet specific risks and remove the like this need for sampling, resulting in increased efficiency and better quality.