https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods
Investing in audit technology development and implementation could be a costly undertaking. It is essential for decision-makers to have a solid understanding of this process.
Experts say that the development and implementation of audit technology consumes a lot of time as well as money and human resources. It also requires an extensive determination of the goals and targets that must be met. Furthermore, the implementation of audit tech is a challenging task that requires constant back-and forth communication between different teams and an understanding of pitfalls that can arise at any point in the development cycle.
This is particularly important if the project is to improve the organization of data and efficiency of audits. One KPMG senior manager discovered that a business with many entities could save hundreds in testing time by utilizing automated technology.
Another potential application of emerging technologies is that auditors can conduct audits in a remote and virtual environment. This technology improves efficiency, lowers travel costs and time spent in meetings with clients and enables 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 technologies into audits is not an easy task that can be done overnight. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to create audits that are tailored to specific risks and also eliminate the requirement for samples.