Investing in the development and implementation of audit technology can be costly. This is why having a complete understanding of the scale of this process is necessary for decision makers.
According to experts, the development and implementation of auditing technology requires a substantial amount of budget, human resources, and time. It also requires a thorough determination of the goals and targets that must be met. Additionally, the implementation of audit technology is a difficult task that requires constant back-and forth communication between teams as well as an understanding of potential pitfalls that can arise at any point during the development process.
This is particularly important if the project is to improve the organization of data and audit efficiency. One KPMG senior manager realized that a company with a lot of entities could save hundreds in testing time using automated tools.
Auditors can also conduct audits remotely and virtually. This technology improves efficiency, decreases the cost of travel site web and time spent in meetings with clients and permits auditors to use advanced tools, such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in auditing isn’t an overnight process. Her firm has incorporated artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to customize the auditing procedures to address specific risks and eliminate the need to sample, resulting in increased efficiency and higher quality.