In the development and implementation of audit technology could be costly. It is crucial for decision makers to have a solid understanding of the process.
According to experts, the creation and implementation of audit technology requires a significant amount of human resources, budget, and time. It also requires a thorough analysis of the goals and objectives that need to be covered. Implementation of technology for auditing is a complex process that requires constant communication between teams, as well as a thorough understanding of the risks that could arise at any time during the development process.
This is especially relevant if the goal of your project is to improve audit efficiency and data organization. One KPMG senior manager realized that a business with many entities could save hundreds of dollars in testing time by utilizing automated systems.
Another potential application of emerging technologies is that auditors can conduct audits from a remote and virtual environment. This technology increases efficiency, reduces travel expenses and time spent with clients, and allows auditors to use advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit process isn’t an overnight procedure. Her company has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her https://data-audit.net/2021/07/13/generated-post-2/ to tailor the auditing procedures to address specific risks and eliminate the need for sampling that results in higher efficiency and better quality.