Investment in the development of audit technology and implementation can be costly. It is vital for decision makers to have a clear understanding of the process.
Experts agree that the creation and implementation of audit technology consumes many hours and money as well as human resources. It also requires a thorough analysis of the goals and objectives which must be achieved. In addition, the implementation of audit technology is a challenging task that requires constant back-and forth communication between different teams and an understanding of the pitfalls that may arise at any point during the development cycle.
This is especially applicable if the aim of the project is to improve data organization and efficiency of audits. One KPMG senior manager realized that a company with many entities could cut down on hundreds of testing time by using automated technology.
Auditors could also perform audits remotely or virtually. This technology improves efficiency, decreases the cost of travel https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications and time spent in meetings with clients, and allows auditors to use more advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into the audit is not an overnight task. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transactions. This technology has allowed her to customize the auditing procedures to address specific risks and eliminate the need to sample which results in greater efficiency and better quality.
