Making investments in the development and implementation of auditing technology can be a costly venture. It’s important for decision makers to be aware of this process.
According to experts, the creation and implementation of audit technology requires a significant amount of budget, human resources and time. It is also necessary to determine the goals and objectives that need to be addressed. Implementation of audit technology is a complex procedure that requires continuous communication between teams and an understanding of the navigate to this web-site pitfalls that may arise at any point of the development process.
This is especially true if your project’s goal is to increase audit efficiency and data organization. For instance, one KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours of testing by using automated technologies to match and map disparate data sets.
Another potential application of emerging technologies is to allow auditors to perform audits in the virtual and remote environment. This technology improves efficiency, reduces travel expenses and time spent with clients, and allows auditors to make use of 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 techniques into audits isn’t an easy task that can be accomplished in a single day. 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 need to collect samples.