Making investments in the development and implementation of auditing technology can be costly. Therefore, a comprehensive understanding of the magnitude of this process is essential for those making the decisions.
According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources and time. It also requires an extensive understanding of the goals and objectives that must be met. Implementation of technology for auditing is a complicated procedure that requires constant communication between https://data-audit.net/2020/03/16/management-board-software-for-audits teams, as well as an understanding of the potential pitfalls that can occur at any point of the development cycle.
This is especially relevant if the goal of your project is to improve efficiency in audits and data organization. One KPMG senior manager discovered that a company with many entities could save hundreds in testing time through automated tools.
Another possible use for the emerging technologies is to allow auditors to conduct audits in an online and virtual environment. This technology allows for greater efficiency, decreases the cost of travel 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, says that implementing new techniques into audits isn’t an easy task that can be accomplished in a single day. The firm she works for has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and eliminate the need for sampling and resulting in improved efficiency and better quality.