The process of developing audit technology and implementation can be a costly undertaking. This is why having a complete knowledge of the extent of this process is essential for those who make the decision.
According to experts, the creation and implementation of audit technology requires a significant amount of budget, human resources, and time. It is also necessary to establish the goals and objectives which must be met. Implementing audit technology is a complex process that requires constant communication between teams, as well as an understanding of the potential pitfalls that can occur at any stage of the development process.
This is particularly true if your project’s goal is https://data-audit.net to improve the efficiency of audits and data organization. For instance, one KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours of testing by using automated technologies to map and match disparate data sets.
Another potential application of emerging technologies is for auditors to perform audits in a remote and virtual environment. This technology can increase efficiency, lowers travel costs and time spent in meetings with clients and also allows auditors to utilize more sophisticated tools, like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technologies into audits isn’t something that can be accomplished in a single day. Her firm implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has allowed her to tailor audit procedures to meet specific risks and remove the need for sampling, resulting in increased efficiency and better quality.