In the development and implementation of technology for audit can be an expensive endeavor. This is why having a complete understanding of the scope of this process is necessary for those making the decisions.
Experts suggest that the design and implementation of audit technology consumes lots of time and money as well as human resources. It is also essential to identify the goals and objectives which need to be addressed. Implementation of audit technology is a complicated procedure that requires continuous communication between teams and an in-depth understanding of pitfalls that may arise at any point of the development process.
This is especially true if the goal of the project is to improve the organization of data and audit efficiency. For instance, a KPMG senior manager found that a business with multiple entities could save hundreds of hours of testing by using automated technologies to match and map different data sets.
Another potential application of emerging technologies is that auditors navigate to this web-site can conduct audits from an online and virtual environment. This technology improves efficiency, decreases travel costs and time spent meeting with clients, and permits auditors to make use of advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit is not an overnight task. Her firm has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has enabled her to tailor the auditing procedures to address specific risks and remove the need for sampling, resulting in increased efficiency and better quality.