Investment in the development of audit technology and implementation could be a costly endeavor. This is why having a complete knowledge of the extent of this process is essential for decision makers.
Experts suggest that the design and implementation process of audit technology takes a lot of time, money, and human resources. It is also essential to establish the goals and objectives which need to be addressed. Additionally, the implementation of audit tech is a challenging task that demands continuous back-and-forth communication between different teams, as well as an understanding of potential pitfalls that could arise at any point in the development process.
This is especially https://data-audit.net/2021/07/08/generated-post/ important if the project is to improve the organization of data and efficiency in auditing. For instance, one KPMG senior manager found that a company with multiple entities could save hundreds of hours of testing by using automated technology to match and map disparate data sets.
Auditors could also perform audits remotely or virtually. This technology allows for greater efficiency, lowers travel costs and time spent in meetings with clients, and enables auditors to use more advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into the audit process isn’t an easy task. Her firm implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to create audits that are tailored to specific risks, and also eliminate the need for sample.