Investing in audit technology development and implementation can be a costly undertaking. This is why having a complete understanding of the magnitude of this process is necessary for decision makers.

Experts suggest that the design and implementation of audit technology takes considerable time and money as well as human resources. It also requires a thorough identification of goals and objectives which must be achieved. Furthermore, the implementation of audit technology is a complicated process that requires constant back-and-forth communications between teams as well as an understanding of pitfalls that can emerge at any time in the development process.

This is particularly applicable if the project’s objective is to improve the efficiency of audits and data organization. One KPMG senior manager discovered that a firm with multiple entities could cut down on hundreds of testing time using automated systems.

Another potential application of emerging technologies is for auditors to conduct audits from a remote and virtual environment. This technology improves efficiency, cuts down on travel costs and time spent meeting with clients and allows auditors to use advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit process isn’t an overnight task. The firm she works for has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to tailor audit procedures for specific risks and eliminate the need for sampling and resulting in improved efficiency and better quality.

https://data-audit.net/2020/03/16/management-board-software-for-audits/

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