investing in the development and implementation of audit technology can be an expensive endeavor. It’s important for decision makers to have a thorough understanding of this process.
Experts say that the development and implementation process of audit technology requires considerable time and money, as well as human resources. It is also essential to determine the goals and objectives that need to be addressed. Furthermore, the implementation of audit tech is a complicated process that requires constant communication between different teams and an understanding of pitfalls that can arise at any point during the development process.
This is especially relevant if the goal of your project is to improve efficiency in audits and data organization. One KPMG senior manager realized that a company with many entities could reduce hundreds of testing time through automated technology.
Another possible application for emerging technologies https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications is that auditors can conduct audits from remote and virtual environments. This technology can improve efficiency, decreases travel costs and time spent with clients, and permits auditors to use advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technology into audits isn’t an easy task that can be completed in a matter of hours. Her firm has incorporated artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to customize the auditing procedures to address specific risks and remove the need for sampling and resulting in improved efficiency and better quality.