Making investments in the development and implementation of audit technology can be a costly venture. Therefore, a comprehensive understanding of the scale of this process is essential for those who make the decision.
According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources, and time. It is also crucial to establish the goals and objectives that need to be addressed. Implementing audit technology is a complicated process that requires constant communication between teams as well as a thorough understanding of the pitfalls that may arise at any point of the development cycle.
This is particularly important if the project is to improve data organization and efficiency in auditing. One KPMG executive discovered that a company with a lot of entities could cut down on hundreds of testing time using automated tools.
Auditors could also conduct audits remotely or virtually. This technology improves efficiency, reduces travel expenses and time spent meeting with clients and allows auditors to https://data-audit.net/ utilize advanced tools like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit process isn’t an easy task. The firm she works for has implemented artificial intelligence (AI) to detect high-risk transactions. This technology has enabled her to tailor audits to specific risks and also eliminate the requirement for samples.