Making investments in the development and implementation of technology for audit can be an expensive endeavor. It’s important for decision makers to be aware of this process.
According to experts, the development and implementation of auditing technology requires a substantial amount of budget, human resources and time. It also requires a thorough understanding of the goals and objectives that must be met. Additionally, the implementation of audit technology is a difficult task that demands continuous back-and-forth communication between different teams and an understanding of pitfalls that may arise at any point during the development process.
This is especially applicable if the project’s objective is to improve audit efficiency and data organization. One KPMG executive discovered that a company with a lot of entities could cut down on hundreds of testing time using automated systems.
Auditors could also conduct audits remotely and even virtually. This technology boosts efficiency, reduces travel expenses and time spent meeting with clients, and permits auditors to use advanced 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 something which https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications can be accomplished in one day. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transaction. This technology has enabled her to customize audits to specific risks and also eliminate the need for sample.