In the development and implementation of technology for audit can be an expensive endeavor. This is why having a complete understanding of the best virtual data room for best performance magnitude of this process is essential for those who make the decision.
According to experts, the creation and implementation of audit technology requires a significant amount of budget, human resources, and time. It also requires a thorough understanding of the goals and objectives which must be achieved. Implementing audit technology is a complicated process that requires constant communication between teams, as well as a thorough understanding of the pitfalls that may arise at any point in the development process.
This is particularly important if the project is to improve data organization and efficiency of audits. For instance, a KPMG senior manager found that a business with multiple entities could save hundreds of hours of testing by using automated technology to match and map different data sets.
Auditors could also perform audits remotely or virtually. This technology can increase efficiency, cuts down on travel costs and time spent in meetings with clients and enables auditors to use 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 isn’t a process that can be completed in a matter of hours. Her firm has incorporated artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to customize audit procedures to specific risks and eliminate the need to sample, resulting in increased efficiency and higher quality.