Making investments in the development and implementation of audit technology can be costly. It is crucial for decision makers to have a solid understanding of this process.
Experts say that the development and implementation process of audit technology takes lots of time as well as money and human resources. It is also essential to establish the goals and objectives which must be met. Implementation of audit technology is a complicated process that requires constant communication between teams, as well as an understanding of risks that could arise at any time during the development cycle.
This is especially applicable if the aim of the project is to improve the organization of data and efficiency of audits. For instance, a KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours of testing using automated tools to compare and map disparate data sets.
Auditors could also perform audits remotely or virtually. This technology can improve efficiency, reduces travel expenses and time spent meeting with clients and allows auditors to use advanced tools https://data-audit.net/2023/05/31/what-is-business-intelligence/ such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technologies into audits is not an easy task that can be accomplished in a single day. Her company has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has enabled her to customize the auditing procedures to address specific risks and remove the need for sampling and resulting in improved efficiency and better quality.
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