Investment in the development of audit technology and implementation could be a costly undertaking. That’s why a comprehensive understanding of the scale of this process is crucial for decision-makers.
Experts agree that the creation and implementation process of audit technology requires considerable time, money, and human resources. It is also crucial to determine the goals and objectives which have to be achieved. Implementation of audit technology is a complicated process that requires constant communication between teams as well as a thorough understanding of the potential pitfalls that can occur at any stage of the development cycle.
This is especially applicable if the project’s objective is to improve efficiency in audits and data organization. One KPMG executive discovered that a company with a lot of entities could save hundreds in testing time using automated technologies.
Auditors are also able to conduct audits remotely and even virtually. This technology can increase efficiency, lowers travel costs and time spent in meetings with clients, and permits 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 technology into audits isn’t an easy task which can be accomplished in one day. Her company has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has enabled her to tailor audits for specific risks and eliminate the need for sample.