Investing in audit technology development and implementation can be costly. This is why having a complete knowledge of the extent of this process is necessary for decision makers.
According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget, and time. It also requires an extensive analysis of the goals and objectives which must be achieved. Furthermore, the implementation of audit tech is a difficult task that requires constant back-and-forth communications between different teams, as well as an understanding of pitfalls that may arise at any point during the development cycle.
This is especially important if the project is to improve data organization and efficiency of audits. For instance, one KPMG senior manager found that a business with multiple entities could save hundreds discover this of hours of testing by using automated technology to match and map different data sets.
Auditors could also conduct audits remotely and virtually. This technology can improve efficiency, decreases travel costs and time spent with clients and allows auditors to use sophisticated tools like analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into the audit process isn’t an overnight task. Her firm has implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to tailor audit procedures to meet specific risks and remove the need for sampling that results in higher efficiency and better quality.