Making investments in the development of audit technology and implementation could be a costly undertaking. It is essential for decision-makers to have a clear understanding of the process.
Experts suggest that the design and implementation process of audit technology requires a lot of time and money as well as human resources. It is also necessary to determine the goals and objectives which need to be addressed. Additionally, the implementation of audit tech is a complicated process that demands continuous back-and-forth communication between different teams and an understanding of pitfalls that can arise at any time in the development cycle.
This is especially important if the project is to improve the organization of data and audit efficiency. One KPMG senior manager found that a company with a lot of entities could save hundreds of dollars in testing time using automated systems.
Auditors could also perform audits remotely and even virtually. This technology increases efficiency, decreases travel costs and time spent with clients and allows auditors to use 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 a process that can be done overnight. Her firm has incorporated artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to create audits that are tailored to specific risks and also eliminate the need for samples.