investing in the development and implementation of auditing technology can be costly. It’s important for decision makers to have a clear understanding of the process.
Experts agree that the creation and implementation of audit technology consumes many hours and money, as well as human resources. It also requires an extensive identification of goals and objectives which must be achieved. Additionally, the implementation process of audit https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance tech is a complex task that requires constant communication between teams as well as an understanding of potential pitfalls that can arise at any time during the development cycle.
This is particularly important if the project is to improve data organization and audit efficiency. For instance, one KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours of testing using automated tools to match and map different data sets.
Auditors are also able to conduct audits remotely or virtually. This technology can increase efficiency, reduces travel costs and time spent in meetings with clients and permits auditors to use more 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 isn’t a process 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 allowed her to customize audits to specific risks and eliminate the need to collect samples.
