The process of developing audit technology and implementation could be a costly endeavor. This is why having a complete knowledge of the extent of this process is crucial for those who make the decision.
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 that must be met. Implementation of technology for auditing is a complicated procedure that requires constant communication between teams, as well as an understanding of pitfalls that may arise at any point of the development cycle.
This is especially important if the project is to improve data organization and efficiency in auditing. One KPMG senior manager found that a firm with multiple entities could save hundreds of dollars in testing time using automated technologies.
Auditors are also able to conduct audits remotely and even virtually. This technology can improve efficiency, reduces travel expenses and time spent with clients, and allows auditors to make use of advanced 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 something that can be completed in a matter of hours. Her firm implemented artificial intelligence (AI) to assist in discover this identifying high-risk transactions. This technology has allowed her to tailor the auditing procedures to address specific risks and remove the need for sampling that results in higher efficiency and better quality.