The process of developing audit technology and implementation can be a costly venture. This is why a thorough understanding of the magnitude of this process is vital for those making the decisions.
According to experts, the development and implementation of audit technology requires a significant amount of budget, human resources and time. It also requires an extensive analysis of the goals and objectives that must be met. Additionally, the implementation of audit tech is a difficult task that requires constant communication between different teams and an understanding of the potential pitfalls that could arise at any point during the development cycle.
This is especially important if your goal is to improve the efficiency of audits and data organization. One KPMG executive discovered that a company with many entities could save hundreds in testing time by using automated tools.
Another potential application of emerging technologies is that auditors can perform audits in remote and virtual environments. This technology improves efficiency, cuts down on travel costs and time spent with clients, and permits auditors to use advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into auditing isn’t an overnight process. Her firm implemented artificial intelligence (AI) to read the full info here assist in identifying high-risk transactions. This technology has allowed her to customize audits to specific risks and also eliminate the requirement for samples.