Innovative Technologies for Audit
Investing in the development and implementation of audit technology can be an expensive endeavor. It is crucial for decision makers to have a thorough understanding of this process.
According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources and time. It also requires an extensive determination of the goals and targets that must be accomplished. The implementation of audit technology is a complex process that requires constant communication between teams and a thorough understanding of the dangers that can arise at any point in the development cycle.
This is especially relevant if https://data-audit.net the purpose of the project is to improve data organization and efficiency in auditing. For example, one KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours in testing by using automated technology to match and map disparate data sets.
Auditors can also conduct audits remotely and virtually. This technology can increase efficiency, cuts down on travel costs 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 at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into the audit process 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 audits for specific risks and also eliminate the requirement for samples.