Investing in the development and implementation of audit technology could be costly. That’s why a comprehensive understanding of the scale of this process is necessary for those who make the decision.
Experts believe that the development and implementation process of audit technology takes many hours as well as money and human resources. It is also essential to identify the goals and objectives which require to be addressed. Implementation of audit technology is a complicated procedure that requires constant communication between teams as well as a thorough understanding of the dangers that can arise at any stage of the development cycle.
This is especially important if the project is to improve data organization and audit efficiency. For instance, a KPMG senior manager found that a firm with multiple entities could save hundreds of hours of testing by using automated technologies to compare and map disparate data sets.
Another potential application of emerging technologies is to allow auditors to conduct audits from a remote and virtual environment. This technology increases efficiency, cuts down on travel costs and time spent with clients and allows auditors to utilize advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in auditing isn’t an overnight process. Her firm implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to tailor audits for specific risks, and eliminate the requirement for samples.