The process of developing audit technology and implementation can be a costly undertaking. This is why having a complete understanding of the scale of this process is necessary for decision-makers.
According to experts, the development and implementation of audit technology requires a significant amount of human resources, budget and time. It https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods/ is also essential to determine the goals and objectives that need to be addressed. In addition, the implementation of audit tech is a difficult task that requires constant communication between different teams and an understanding of potential pitfalls that may arise at any point during the development cycle.
This is especially important if your goal is to increase audit efficiency and data organization. One KPMG senior manager found that a business with many entities could save hundreds of dollars in testing time through automated systems.
Auditors could also perform audits remotely and even virtually. This technology increases efficiency, decreases travel costs and time spent meeting with clients and allows auditors to use sophisticated tools such as 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 completed in a matter of hours. Her company has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to tailor audit procedures for specific risks and eliminate the need for sampling which results in greater efficiency and better quality.