The process of developing audit technology and implementation could be a costly undertaking. This is why a thorough understanding of the scale of this process is vital for decision-makers.
Experts believe that the development and implementation of audit technology requires a lot of time and money as well as human resources. It is also crucial to determine the goals and objectives which need to be addressed. The implementation of audit technology is a complicated procedure that requires continuous communication between teams and a thorough understanding of the potential pitfalls that can occur at any point of the development cycle.
This is especially important if your goal is to improve audit efficiency and data organization. For example, one KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing by using automated technologies to match and map disparate data sets.
Auditors could also perform audits remotely and virtually. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings with clients, and also allows auditors to utilize advanced tools, such as 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 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 customize audit procedures to specific risks and remove the need for sampling which results in greater efficiency and higher quality.