investing in the development and implementation of audit technology can be costly. Therefore, a comprehensive understanding of the scale of this process is essential for decision makers.
Experts suggest that the design and implementation process of audit technology consumes many hours and money, as well as human resources. It is also essential to identify the goals and objectives which need to be addressed. Implementation of technology for auditing is a complex process that requires constant communication between teams as well as an understanding of risks that could arise at any stage of the development process.
This is especially important if your goal is to improve efficiency in audits and data organization. One KPMG executive discovered that a company with a lot of entities could save hundreds of dollars in testing time by using automated technology.
Auditors could also perform audits https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance/ remotely or virtually. This technology boosts efficiency, cuts down on travel costs and time spent meeting with clients, and permits auditors to make use of advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not something that can be done overnight. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to tailor audits for specific risks and also eliminate the need to collect samples.
