Making investments in the development and implementation of audit technology could be an expensive endeavor. It is vital for decision makers to have a clear understanding of this process.

According to experts, the creation and implementation of audit technology requires a significant amount of human resources, budget and time. It also requires an extensive determination of the goals and targets which must be achieved. Implementation of technology for auditing is a complex process that requires constant communication between teams and an understanding of the potential pitfalls that can occur at any stage of the development cycle.

This is especially applicable if the project’s objective is to improve efficiency in audits and data organization. For instance, one KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours of testing by utilizing automated technology to compare and map disparate data sets.

Auditors could also conduct audits remotely and even virtually. This technology can increase efficiency, decreases the cost of travel and time spent in meetings with clients, and enables auditors to use more advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an overnight procedure. Her firm implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This https://data-audit.net/2021/07/13/generated-post-2 technology has enabled her to customize audit procedures for specific risks and eliminate the need for sampling, resulting in increased efficiency and better quality.