Investing in audit technology development and implementation could be a costly undertaking. It is essential for decision-makers to be aware of the process.

Experts suggest that the design and implementation of audit technology requires considerable time as well as money and human resources. It is also crucial to establish the goals and objectives which have to be achieved. Implementation of technology for auditing is a complex process that requires constant communication between teams, as well as an in-depth understanding of dangers that can arise at any point of the development process.

This is particularly applicable if the aim of the project is to improve the organization of data and efficiency in auditing. For instance, a KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing by utilizing automated technology to match and map disparate data sets.

Auditors are also able to conduct audits remotely or virtually. This technology can improve efficiency, decreases travel costs and time spent meeting with clients, and allows auditors to use advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in auditing isn’t an easy task. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has https://data-audit.net/2021/07/08/generated-post/ enabled her to tailor audits to specific risks and eliminate the need to collect samples.