Investing in the development and implementation of technology for audit can be an expensive endeavor. That’s why a comprehensive understanding of the scale of this process is necessary for decision makers.
Experts believe that the development and implementation process of audit technology consumes lots of time, money, and human resources. It is also crucial to establish the goals and objectives which need to be addressed. Implementing audit technology is a complex process that requires continuous communication between teams and an in-depth understanding of potential pitfalls that can occur at any point of the development cycle.
This is especially true if the goal of the project is to improve data organization and efficiency in auditing. One KPMG senior manager discovered that a business with many entities could cut down on hundreds of testing time through automated technologies.
Another potential use of the new technologies is to allow auditors to conduct audits in a remote and virtual environment. This technology improves efficiency, decreases travel costs and time spent with clients, and permits auditors to use sophisticated tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not something that can be completed in a matter of hours. The firm she works for has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to customize audits to specific risks and eliminate the need for sample.