Making investments in the development and implementation of technology for audit can be a costly venture. This is why having a complete knowledge of the extent of this process is essential for those who make the decision.
According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget and time. It is also crucial to establish the goals and objectives that need to be addressed. Additionally, the implementation process of audit tech is a difficult task that requires constant back-and forth communication between different teams and an understanding of the potential pitfalls that could arise at any point during the development cycle.
This is especially relevant if the purpose of the project is to improve data organization and audit efficiency. For instance, one KPMG senior manager discovered that a business with multiple entities could save hundreds of hours of testing by utilizing automated technology to map and match disparate data sets.
Auditors could also conduct audits remotely or virtually. This technology can increase efficiency, reduces travel costs and time spent in meetings with clients and also allows auditors to utilize more sophisticated tools, like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technologies into audits isn’t an easy task that can be accomplished in a single day. Her firm has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has enabled her to customize audits to specific risks, and eliminate the requirement for samples.
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