In the development and implementation of audit technology can be an expensive endeavor. This is why a thorough knowledge of the extent of this process is essential for decision makers.
Experts suggest that the design and implementation process of audit technology consumes a lot of time, money, and human resources. It is also crucial to identify the goals and objectives that require to be addressed. Implementation of audit technology is a complex process that requires constant communication between teams, as well as an understanding of risks that could arise at any time during the development cycle.
This is particularly applicable if the project’s objective is to improve audit efficiency and data organization. One KPMG senior manager found that a company with a lot of entities could cut down on hundreds of testing time through automated technology.
Auditors can also conduct audits remotely or virtually. This technology can increase efficiency, reduces travel costs and time spent in meetings with clients, and permits auditors to use more sophisticated tools, like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in auditing isn’t an easy task. Her company has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has allowed her to tailor audit procedures to specific risks and remove the need for sampling and resulting in improved efficiency and higher quality.