Making investments in the development of audit technology and implementation could be a costly endeavor. It is vital for decision makers to have a thorough understanding of the process.
Experts say that the development and implementation of audit technology takes a lot of time, money, and human resources. It also requires an extensive analysis of the goals and objectives that need to be covered. Additionally, the implementation of audit technology is a difficult task that requires constant back-and-forth communications between different teams and an understanding of the pitfalls that can emerge at any time during the development cycle.
This is especially important if the project is to improve data organization and efficiency of audits. One KPMG senior manager discovered that a firm with multiple entities could reduce hundreds of testing time through automated systems.
Another potential use of the new technologies is to allow auditors to perform audits in remote and virtual environments. This technology enables greater efficiency, lowers travel costs and time spent in meetings with clients and enables auditors to use more sophisticated tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new techniques into audits isn’t a process which can be accomplished in one day. Her company has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled site web her to tailor audits to specific risks, and eliminate the need for sample.
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