Investing in audit technology development and implementation could be costly. That’s why a comprehensive knowledge of the extent of this process is vital for decision-makers.
Experts suggest that the design and implementation of audit technology consumes considerable time as well as money and human resources. It is also necessary to establish the goals and objectives which require to be addressed. Implementation of audit technology is a complicated process that requires continuous communication between teams and an in-depth understanding of potential pitfalls that can occur at any point in the development process.
This is especially relevant if the goal of your project is to improve the efficiency of audits and data organization. One KPMG senior manager found that a company with a lot of entities could reduce hundreds of testing time using automated tools.
Another potential use of https://data-audit.net/2021/07/08/generated-post/ the new technologies is that auditors can perform audits in a remote and virtual environment. This technology allows for greater efficiency, lowers travel costs and time spent in meetings with clients, and permits auditors to use more advanced tools 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 transactions that are high-risk. This technology has allowed her to customize audits to specific risks, and also eliminate the requirement for samples.