Investing in the development and implementation of technology for audit can be costly. Therefore, a comprehensive understanding of the magnitude of this process is vital for those making the decisions.
According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget, and time. It also requires a thorough understanding of the goals and objectives that must be met. The implementation of audit technology is a complicated procedure that requires continuous communication between teams and an understanding of pitfalls that may arise at any point in the development cycle.
This is especially important if your goal is to improve efficiency in audits and data organization. One KPMG senior manager discovered that a firm with multiple entities could reduce hundreds of testing time using automated systems.
Another possible use for the emerging technologies is for auditors to conduct audits in an online and virtual environment. This technology can increase efficiency, lowers travel costs and https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/ time spent in meetings with clients and allows auditors to use more advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit process isn’t an overnight procedure. The firm she works for has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to tailor audit procedures to meet specific risks and remove the need for sampling and resulting in improved efficiency and better quality.