https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance/
In the development and implementation of audit technology can be costly. It is crucial for decision makers to have a thorough understanding of the process.
According to experts, the development and implementation of audit technology requires a significant amount of budget, human resources, and time. It is also necessary to identify the goals and objectives that have to be achieved. Additionally, the implementation of audit tech is a complex task that demands continuous back-and-forth communication between teams as well as an understanding of the potential pitfalls that can arise at any time during the development process.
This is especially relevant if the goal of your project is to increase audit efficiency and data organization. For instance, a KPMG senior manager found that a business with multiple entities could save hundreds of hours of testing using automated tools to match and map different data sets.
Another possible use for the emerging technologies is for auditors to conduct audits from remote and virtual environments. This technology enables greater efficiency, decreases the cost of travel and time spent in meetings with clients and permits auditors to use more sophisticated tools, like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland she says that incorporating new technology into audits isn’t a process that can be completed in a matter of hours. Her company has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to customize audit procedures to specific risks and eliminate the need for sampling that results in higher efficiency and better quality.