In the development and implementation of auditing technology can be costly. It is vital for decision makers to have a solid understanding of this process.
Experts suggest that the design and implementation process of audit technology takes lots of time, money, and human resources. It is also necessary to determine the goals and objectives which must be met. Implementation of audit technology is a complex process that requires constant communication between teams, as well as an in-depth understanding of dangers that can arise at any stage of the development process.
This is particularly true if your project’s goal is to increase audit efficiency and data organization. For instance, a KPMG senior manager found that a company that has multiple entities could save hundreds of hours of testing using automated tools to match and map different data sets.
Auditors can also conduct audits remotely or virtually. This technology improves efficiency, cuts down on travel costs and time spent with clients, and allows auditors to make use of advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technology into audits isn’t something that can be completed in a matter of hours. Her firm implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has enabled her to customize audit procedures to meet specific risks and remove the need for sampling and resulting in improved efficiency and better quality.