https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods
In the development and implementation of technology for audit can be costly. It’s important for decision makers to have a thorough understanding of the process.
Experts suggest that the design and implementation of audit technology requires lots of time, money, and human resources. It is also essential to determine the goals and objectives that have to be achieved. Implementation of audit technology is a complicated procedure that requires constant communication between teams, as well as a thorough understanding of the potential pitfalls that can occur at any stage of the development cycle.
This is particularly important if the project is to improve data organization and efficiency of audits. One KPMG senior manager realized that a firm with multiple entities could reduce hundreds of testing time by using automated systems.
Auditors could also conduct audits remotely and virtually. This technology allows for greater efficiency, cuts down on travel costs and time spent in meetings 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 and Maryland, says that incorporating the latest technologies into audits isn’t an easy task which can be accomplished in one day. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transaction. This technology has allowed her to tailor the auditing procedures to address specific risks and eliminate the need for sampling, resulting in increased efficiency and higher quality.