investing in the development and implementation of auditing technology can be an expensive endeavor. Therefore, a comprehensive understanding of the magnitude of this process is essential for those who make the decision.
Experts agree that the creation and implementation process of audit technology consumes a lot of time and money, as well as human resources. It is also necessary to determine the goals and objectives which must be met. Additionally, the implementation of audit technology is a complicated process that requires constant communication between different teams, as well as an understanding of pitfalls that may arise at any time during the development cycle.
This is particularly important if the project is to https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance/ improve data organization and audit efficiency. One KPMG senior manager found that a company with a lot of entities could save hundreds in testing time through automated tools.
Auditors can also conduct audits remotely and even virtually. This technology increases efficiency, reduces travel expenses and time spent with clients, and allows auditors to utilize advanced tools such as 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 transactions. This technology has allowed her to tailor audits to specific risks and also eliminate the need to collect samples.