investing in the development and implementation of audit technology can be an expensive endeavor. This is why having a complete knowledge of the extent of this process is vital for decision-makers.
Experts believe that the development and innovative technologies for audit implementation of audit technology consumes considerable time, money, and human resources. It is also essential to determine the goals and objectives which need to be addressed. Implementation of audit technology is a complicated procedure that requires continuous communication between teams and an understanding of the risks that could arise at any point in the development process.
This is especially applicable if the aim of the project is to improve the organization of data and efficiency in auditing. For instance, a KPMG senior manager discovered that a business with multiple entities could save hundreds of hours in testing by using automated technologies to match and map disparate data sets.
Auditors could also perform audits remotely and even virtually. This technology improves efficiency, cuts down on travel costs and time spent in meetings with clients, and also allows auditors to utilize advanced tools, such as 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 which can be accomplished in one day. Her firm has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and eliminate the need for sampling and resulting in improved efficiency and better quality.