Investment in the development of audit technology and implementation can be a costly undertaking. This is why a thorough understanding of the scale of this process is necessary for those making the decisions.
Experts believe that the development and implementation of audit technology consumes a lot of time and money as well as human resources. It is also necessary to establish the goals and objectives that have to be achieved. Implementation of audit technology is a complicated procedure that requires continuous communication between teams and a thorough understanding of the risks that could arise at any time during the development process.
This is especially relevant if the goal of your project read the full info here is to improve the efficiency of audits and data organization. One KPMG senior manager discovered that a company with many entities could save hundreds of dollars in testing time by using automated systems.
Auditors can also conduct audits remotely and virtually. This technology boosts efficiency, cuts down on travel costs and time spent with clients, and allows auditors to use 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 an easy task that can be accomplished in a single day. Her company has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to customize audits to specific risks, and also eliminate the requirement for samples.