In the development and implementation of audit technology can be a costly venture. That’s why a comprehensive understanding of the magnitude of this process is essential for those making the decisions.
According to experts, the creation and implementation of auditing technology requires a substantial amount of human resources, budget, and time. It also requires a thorough identification of goals and objectives that must be met. Implementing audit technology is a complicated procedure that requires continuous communication between teams and a thorough understanding of the dangers that can arise at any point of the development cycle.
This is particularly applicable if the aim of the project is to improve data organization and audit efficiency. One KPMG executive discovered that a business with many entities could reduce hundreds of testing time using automated systems.
Auditors are also able to conduct audits remotely or virtually. This technology can improve efficiency, cuts down on travel costs and time spent meeting with clients, and permits auditors to utilize advanced tools like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of 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 help identify high-risk transactions. This technology has enabled her to customize audit procedures to specific risks and remove the need for sampling and resulting in improved efficiency and better quality.