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 crucial for those who make the decision.
Experts say that the development and implementation of audit technology requires many hours, money, and human resources. It is also crucial to determine the goals and objectives which require to be addressed. Additionally, the implementation of audit tech is a complex task that demands continuous back-and-forth communication between different teams, as well as an understanding of the potential pitfalls that can arise at any time in the development cycle.
This is especially true if the goal of the project is to improve data organization and efficiency of audits. For example, one KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours of testing by using automated technology to match and map different data sets.
Auditors could also conduct audits remotely and virtually. This technology can increase efficiency, lowers travel costs and time spent in meetings with clients and permits auditors to use advanced tools, such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland she says that incorporating new technologies into audits is not an easy task that can be accomplished in a single day. Her firm implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and remove the need for sampling, resulting in increased efficiency and better quality.