https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents/
In the development and implementation of technology for audit can be a costly venture. Therefore, a comprehensive understanding of the scale of this process is necessary for those who make the decision.
According to experts, the development and implementation of auditing technology takes a large amount of budget, human resources and time. It also requires a thorough understanding of the goals and objectives which must be achieved. 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 time during the development cycle.
This is particularly applicable if the aim of the project is to improve data organization and audit efficiency. One KPMG executive discovered that a company with many entities could save hundreds in testing time using automated technologies.
Auditors could also conduct audits remotely and even virtually. This technology improves efficiency, reduces travel expenses and time spent meeting 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 technologies into audits is not something which can be accomplished in one day. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and eliminate the need for sampling that results in higher efficiency and better quality.