investing in the development and implementation of audit technology can be an expensive endeavor. It is essential for decision-makers to have a how to audit transactions using data managment applications thorough understanding of this process.
Experts agree that the creation and implementation of audit technology requires considerable time, money, and human resources. It is also essential to identify the goals and objectives that have to be achieved. Additionally, the implementation of audit tech is a challenging task that requires constant back-and-forth communications between different teams, as well as an understanding of potential pitfalls that may arise at any time in the development cycle.
This is particularly relevant if the purpose of the project is to improve the organization of data and audit efficiency. For instance, one KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours in testing by utilizing automated technology to match and map disparate data sets.
Another possible use for the emerging technologies is to allow auditors to perform audits in the virtual and remote environment. This technology improves efficiency, decreases travel costs and time spent meeting with clients, and permits auditors to utilize advanced tools such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland she says that incorporating new technology into audits isn’t an easy task that can be completed in a matter of hours. Her company has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to customize audit procedures to meet specific risks and eliminate the need for sampling which results in greater efficiency and better quality.