Investing in audit technology development and implementation could be a costly undertaking. That’s why a comprehensive knowledge of the extent of this process is vital for those making the decisions.

According to experts, the development and implementation of auditing technology takes a large amount of budget, human resources and time. It also requires an extensive understanding of the goals and objectives that must be met. Additionally, the implementation process of audit tech is a difficult task that demands continuous back-and-forth communication between different teams, as well as an understanding of the potential pitfalls that could arise at any point during the development cycle.

This is particularly applicable if the project’s objective is to improve the efficiency of audits and data organization. For example, one KPMG senior manager discovered that a business with multiple entities could save hundreds of hours of testing by using automated technology to map and match disparate data sets.

Auditors are also able to conduct audits remotely and virtually. This technology can improve efficiency, decreases travel costs and time spent with clients, and permits auditors to use sophisticated tools like analytics.

According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into auditing isn’t an overnight process. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to tailor audit procedures to specific risks and eliminate the need to sample that results in higher efficiency and better https://data-audit.net/2021/07/08/generated-post quality.