The process of developing audit technology and implementation could be a costly venture. This is why a thorough understanding of the magnitude of this process is vital for those making the decisions.
According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget, and time. It is also essential to establish the goals and objectives that require to be addressed. The implementation of audit technology is a complicated procedure that requires constant communication between teams and a thorough understanding of the pitfalls that may arise at any stage of the development cycle.
This is particularly true if your project’s goal is to improve the efficiency of audits and data organization. For instance, a KPMG senior manager discovered that a firm with multiple entities could save hundreds of https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance/ hours of testing by using automated technologies to match and map disparate data sets.
Auditors can also conduct audits remotely and virtually. This technology can improve efficiency, decreases travel costs and time spent with clients and allows auditors to make use of advanced tools like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into auditing isn’t an overnight procedure. Her firm has implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to customize audit procedures for specific risks and remove the need for sampling and resulting in improved efficiency and higher quality.