In the development and implementation of technology for audit can be an expensive endeavor. It is crucial for decision makers to be aware of this process.
According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget and time. It also requires a thorough analysis of the goals and objectives that need to be covered. Implementing audit technology is a complex process that requires constant communication between teams and a thorough understanding of the potential pitfalls that can occur at any stage of the development cycle.
This is particularly relevant if the goal of your project is to increase audit efficiency and data organization. One KPMG senior manager realized that a firm with multiple entities https://data-audit.net/2021/07/13/generated-post-2/ could reduce hundreds of testing time by using automated systems.
Another possible application for emerging technologies is for auditors to conduct audits in the virtual and remote environment. This technology improves efficiency, cuts down on travel costs and time spent meeting with clients, and permits 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 technology into audits isn’t an easy task that can be completed in a matter of hours. Her firm implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and eliminate the need for sampling, resulting in increased efficiency and higher quality.