Investing in audit technology development and implementation could be a costly endeavor. This is why having a complete understanding of the magnitude of this process is crucial for decision makers.
Experts agree that the creation and implementation of audit technology takes lots of time and money as well as human resources. It also requires an extensive understanding of the goals and objectives that must be accomplished. In addition, the implementation of audit tech is a challenging task that requires constant communication between different teams and an understanding of pitfalls that can arise at any time during the development cycle.
This is particularly relevant if the purpose of the project is to improve the organization of data and efficiency of audits. For example, one KPMG senior manager found that a company that has multiple entities could save hundreds of hours of testing by using automated technology to compare and map disparate data sets.
Another possible application for emerging technologies is to allow auditors to conduct audits in a remote and virtual environment. This technology can improve https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods efficiency, reduces travel expenses and time spent with clients, and permits auditors to use advanced tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technologies into audits is not a process that can be completed in a matter of hours. Her company has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has allowed her to customize audits to specific risks and also eliminate the requirement for samples.
