In the development and implementation of audit technology can be costly. It is essential for decision-makers to have a thorough understanding of this process.
According to experts, the development and implementation of audit technology requires a significant amount of budget, human resources, and time. It is also essential to determine the goals and objectives which need to be addressed. In addition, the implementation of audit technology is a difficult task that demands continuous back-and-forth communication between teams as well as an understanding of the potential pitfalls that could arise at any point in the development process.
This is especially true if your project’s goal is to improve audit efficiency and data organization. One KPMG executive discovered that a company with many entities could cut down on hundreds of testing time through automated systems.
Another possible application for emerging technologies is to allow auditors https://data-audit.net/2021/07/08/generated-post to conduct audits from an online and virtual environment. This technology enables greater efficiency, cuts down on 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, says that implementing new technology into audits isn’t an easy task which can be accomplished in one day. Her firm has incorporated artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and remove the need for sampling, resulting in increased efficiency and higher quality.