Investment in the development of audit technology and implementation could be a costly undertaking. It is essential for decision-makers to have a clear understanding of this process.
According to experts, the creation and implementation of auditing technology takes a large amount of budget, human resources and time. It is also essential to determine the goals and objectives that need to be addressed. The implementation of audit technology is a complex procedure that requires constant communication between teams as well as an understanding of the risks that could arise at pop over to this website any point of the development process.
This is particularly important if the project is to improve the organization of data and efficiency in auditing. One KPMG senior manager found that a firm with multiple entities could save hundreds in testing time by using automated tools.
Auditors can also conduct audits remotely and even virtually. This technology improves efficiency, cuts down on travel costs and time spent with clients, and allows auditors to use advanced 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 a process that can be completed in a matter of hours. Her firm implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to tailor audits for specific risks and also eliminate the need to collect samples.