investing in the development and implementation of technology for audit can be a costly venture. Therefore, a comprehensive understanding of the magnitude of this process is necessary for decision makers.

Experts agree that the creation and implementation of audit technology requires considerable time as well as money and human resources. It also requires a thorough identification of goals and objectives that need to be covered. The implementation of audit technology is a complex process that requires constant communication between teams and an understanding of the dangers that can arise at any point of https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents the development process.

This is particularly important if your goal is to improve efficiency in audits and data organization. For instance, one KPMG senior manager found that a firm with multiple entities could save hundreds of hours in testing using automated tools to match and map disparate data sets.

Another possible application for emerging technologies is for auditors to conduct audits in a remote and virtual environment. This technology can increase efficiency, decreases the cost of travel and time spent in meetings with clients, and allows auditors to use more advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in the audit is not an easy task. Her firm has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has enabled her to tailor audit procedures to meet specific risks and remove the need for sampling and resulting in improved efficiency and better quality.

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