Investment in the development of audit technology and implementation could be a costly endeavor. Therefore, a comprehensive understanding of the scale of this process is essential for decision makers.

Experts say that the development and implementation process of audit technology requires lots of time, money, and human resources. It is also crucial to identify the goals and objectives that need to be addressed. Additionally, the implementation of audit technology is a challenging task that requires constant back-and forth communication between different teams, as well as an understanding of the pitfalls that can emerge at any time during the development process.

This is particularly applicable if the project’s objective is to improve audit efficiency and data organization. For instance, a KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing using automated tools to match and map different data sets.

Another potential use of the new technologies is to allow auditors to conduct audits from the virtual and remote environment. This technology improves efficiency, lowers travel costs and time spent in meetings with clients and allows auditors to use more sophisticated tools like analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in auditing isn’t an easy task. Her firm implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has enabled her to tailor audit procedures for specific https://data-audit.net risks and eliminate the need for sampling, resulting in increased efficiency and better quality.

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