Investing in audit technology development and implementation could be costly. It’s important for decision makers to be aware of the process.
Experts agree that the creation and implementation of audit technology consumes many hours and money, as well as human resources. It is also essential to establish the goals and objectives that have to be achieved. Implementing audit technology is a complex process that requires constant communication between teams, as well as an in-depth understanding of potential pitfalls that can occur at any stage of the development cycle.
This is particularly true if your project’s goal is to improve the efficiency of audits and data organization. For instance, a KPMG senior manager discovered that a company with multiple entities could save hundreds of hours of testing by using automated technologies to map and match disparate data sets.
Another possible application for emerging technologies is to allow auditors to conduct audits in a remote and virtual environment. This technology allows for greater efficiency, lowers travel costs and time spent in meetings with clients, and permits auditors to use more advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technology into audits isn’t an easy task that can be completed in a matter of hours. Her firm has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has enabled her to create audits https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance/ that are tailored to specific risks and eliminate the requirement for samples.