The process of developing audit technology and implementation could be a costly undertaking. It is vital for decision makers to have a thorough understanding of this process.
Experts believe that the development and implementation process of audit technology requires a lot of time as well as money and human resources. It is also crucial to establish the https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods/ goals and objectives which need to be addressed. Additionally, the implementation process of audit technology is a complex task that requires constant back-and forth communication between teams as well as an understanding of the pitfalls that could arise at any time in the development process.
This is particularly true if your project’s goal is to improve the efficiency of audits and data organization. One KPMG senior manager realized that a company with a lot of entities could cut down on hundreds of testing time through automated technology.
Another potential use of the new technologies is that auditors can perform audits in remote and virtual environments. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings with clients, and allows auditors to use more sophisticated 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 which can be accomplished in one day. The firm she works for has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to tailor audits to specific risks and also eliminate the need for samples.