Making investments in the development of audit technology and implementation could https://data-audit.net/2021/07/13/generated-post-2 be a costly endeavor. It is crucial for decision makers to have a thorough understanding of this process.
Experts agree that the creation and implementation process of audit technology consumes considerable time and money as well as human resources. It also requires a thorough determination of the goals and targets which must be achieved. Implementation of technology for auditing is a complicated procedure that requires constant communication between teams as well as an understanding of the risks that could arise at any point in the development process.
This is especially important if your goal is to improve efficiency in audits and data organization. One KPMG senior manager realized that a business with many entities could save hundreds in testing time using automated technology.
Another potential use of the new technologies is to allow auditors to conduct audits from a remote and virtual environment. This technology increases efficiency, reduces travel expenses and time spent with clients and allows auditors to make use of advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit process isn’t an easy task. Her firm has incorporated artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to customize audit procedures for specific risks and eliminate the need for sampling which results in greater efficiency and better quality.