investing in the development and implementation of technology for audit can be costly. This is why having a complete understanding of the magnitude of this process is essential for those who make the decision.
According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget, and time. It is also crucial to determine the goals and objectives which require to be addressed. Implementation of technology for auditing is a complex procedure that requires constant communication between teams as well as an understanding of the dangers that can arise at any point in the development process.
This is particularly applicable if the project’s objective is to increase audit efficiency and data organization. For instance, one KPMG senior manager found that a firm with multiple entities could save hundreds of hours in testing by utilizing automated technology to map and match disparate data sets.
Auditors can also conduct audits remotely and virtually. This technology can increase efficiency, cuts down on travel costs and time spent in meetings with clients and also allows auditors to utilize more sophisticated tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland she says that incorporating new technologies into audits is not an easy task that can be done overnight. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to tailor audit procedures to meet specific risks and eliminate the need for sampling that results in higher efficiency and better https://data-audit.net/2020/03/16/management-board-software-for-audits/ quality.