The process of developing audit technology and implementation could be a costly undertaking. This is why having a complete understanding of the magnitude of this process is essential for decision-makers.
According to experts, the development and implementation of auditing technology takes a large amount of human resources, budget and time. It is also necessary to establish the goals and objectives that have to be achieved. Implementing audit technology is a complex process that requires constant communication between teams, as well as an understanding of the pitfalls that may arise at any point of the development cycle.
This is especially true if your project’s goal is to improve efficiency in audits and data organization. For instance, a KPMG senior manager discovered that a business with multiple entities could save hundreds of hours in testing by using automated technology to match and map disparate data sets.
Another possible application for emerging technologies is for auditors to conduct audits from a remote and virtual environment. This technology can increase efficiency, decreases the cost of travel and time spent in meetings with clients and also allows auditors to utilize more sophisticated tools like analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an overnight task. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to tailor audit procedures for specific risks and remove the need for sampling that results in higher efficiency and better quality.
