Investing in the development and implementation of technology for audit can be an expensive endeavor. This is why having a complete understanding of the magnitude of this process is essential for those who make the decision.
Experts say that the development and implementation process of audit technology consumes a lot of time and money as well as human resources. It is also crucial to identify the goals and objectives which require to be addressed. Furthermore, the implementation of audit technology is a complex task that requires constant communication between teams as well as an understanding of the pitfalls that may arise at any time in the development process.
This is especially important if the project is to improve data organization and efficiency in auditing. One KPMG senior manager realized that a company with a lot of entities could save hundreds in testing time by using automated tools.
Another possible use for the emerging technologies is for auditors to conduct audits from an online and virtual environment. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings 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 the implementation of new technologies into the audit is not an overnight procedure. Her company has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has allowed her to tailor the auditing procedures to address specific risks and remove the need for sampling, resulting in increased efficiency and higher quality.
https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance