In the development and implementation of technology for audit can be a costly venture. It is crucial for decision makers to be aware of this process.
According to experts, the development and implementation of audit technology requires a significant amount of human resources, budget, and time. It also requires an extensive identification of goals and objectives that need to be covered. In addition, the implementation of audit tech is a difficult task that demands continuous back-and-forth communication between teams as well as an understanding of potential pitfalls that can emerge at any point in the development process.
This is especially true if the goal of the project is to improve the organization of data and audit efficiency. For instance, a KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours in testing by using automated technology to map and match disparate data sets.
Another possible application for emerging technologies is to allow auditors to perform audits in an online and virtual environment. This technology can improve efficiency, cuts down on travel costs and time spent meeting with clients and allows auditors to use advanced tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technologies into audits is not https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents something that can be done overnight. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to create audits that are tailored to specific risks and also eliminate the need for sample.