Investing in the development and implementation of audit technology could be a costly venture. That’s why a comprehensive understanding of the scale of this process is vital for decision makers.
According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget and time. It also requires a thorough determination of the goals and targets that need to be covered. Implementation of audit technology is a complicated process that requires constant communication between teams, as well as an in-depth understanding of risks that could arise at any point of the development process.
This is especially applicable if the project’s objective is to improve efficiency in audits and data organization. One KPMG senior manager found that a company with many entities could reduce hundreds of testing time by using automated technology.
Another potential use of the new technologies is that auditors can conduct audits from an online and virtual environment. This technology boosts efficiency, decreases travel costs and time spent with clients, and allows auditors to utilize advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new techniques into audits isn’t a process that can be done overnight. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to customize audit procedures to specific risks and remove the need for sampling that results in higher efficiency and better quality.
https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance