In the development and implementation of audit technology can be an expensive endeavor. It is crucial for decision makers to have a thorough understanding of the process.
According to experts, the creation and implementation of audit technology requires a significant amount of budget, human resources, and time. It also requires a thorough identification of goals and objectives which must be achieved. Implementation of audit technology is a complicated process that requires constant communication between teams and an understanding of risks that could arise at any point in the development cycle.
This is particularly true if the goal of the project is to improve data organization and audit efficiency. For instance, a KPMG senior manager found that a company that has multiple entities could save hundreds of hours of testing by using automated technology to match and map disparate data sets.
Another potential use of the new technologies is for auditors to perform audits in an online and virtual environment. This technology can improve efficiency, cuts down on travel costs and time spent with clients, and permits auditors to use sophisticated tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit is not an overnight process. Her firm implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to create audits that are tailored to specific risks and eliminate the need for samples.
https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods/