Investment in the development of audit technology and implementation can be costly. That’s why a comprehensive understanding of the scale of this process is crucial for those who make the decision.
Experts say that the development and implementation process of audit technology takes considerable time as well as money and human resources. It also requires an extensive determination of the goals and targets that must be met. Implementation of technology for auditing is a complicated procedure that requires continuous communication between teams and a thorough understanding of the pitfalls that may arise at any point of the development process.
This is particularly applicable if the project’s objective is to improve audit efficiency and data organization. For example, one KPMG senior manager discovered that a company with multiple entities could save hundreds of hours in testing by using automated technology to map and match disparate data sets.
Another potential application of emerging technologies is that auditors can conduct audits from an online and virtual environment. This technology can increase efficiency, lowers travel costs and time spent in meetings with clients and also allows auditors to utilize more sophisticated tools like 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 a process that can be accomplished in a single day. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transaction. This technology has enabled her to customize audits to specific risks, and also eliminate the requirement for samples.
Comments: 0
There are not comments on this post yet. Be the first one!