Investment in the development of audit technology and implementation could be costly. It is crucial for decision makers to have a clear understanding of the process.
Experts believe that the development and implementation of audit technology requires a lot of time, money, and human resources. It is also necessary to determine the goals and objectives which must be met. In addition, the implementation of audit technology is a complicated process that requires constant back-and forth communication between different teams and an understanding of the pitfalls that can emerge at any point during the development cycle.
This is especially true if https://data-audit.net/2020/03/16/management-board-software-for-audits/ the goal of the project is to improve data organization and efficiency of audits. One KPMG executive discovered that a company with many entities could cut down on hundreds of testing time by using automated tools.
Auditors could also perform audits remotely or virtually. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings with clients and also allows auditors to utilize more sophisticated tools, like analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit is not an overnight task. Her firm implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has allowed her to tailor audit procedures to specific risks and remove the need for sampling, resulting in increased efficiency and higher quality.