In the development and implementation of audit technology could be costly. Therefore, a comprehensive understanding of the scope of this process is crucial for those who make the decision.
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 understanding of the goals and objectives that need to be covered. Additionally, the implementation process of audit tech is a difficult task that requires constant communication between teams as well as an understanding of potential pitfalls that can emerge at any point during the development process.
This is especially true if the goal of the project is to improve data organization and efficiency in auditing. For example, one KPMG senior manager found that a firm with multiple entities could save hundreds of hours in testing by utilizing automated technology to map and match disparate data sets.
Another potential application of emerging technologies is to allow auditors to https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance conduct audits in remote and virtual environments. This technology can increase efficiency, reduces travel costs and time spent in meetings with clients and enables auditors to use more advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technology into audits isn’t something that can be done overnight. Her company has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to tailor audit procedures to meet specific risks and eliminate the need for sampling which results in greater efficiency and better quality.