Investing in the development and implementation of audit technology can be costly. It is crucial for decision makers to be aware of this process.
According to experts, the creation and implementation of auditing technology takes a large amount of budget, human resources, and time. It also requires a thorough determination of the goals and targets that need to be covered. Furthermore, the implementation of audit technology is a complex task that requires constant back-and-forth communications between different teams, as well as an understanding of the potential pitfalls that can arise at any time during the development cycle.
This is especially applicable if the project’s objective is to improve audit efficiency and data organization. One KPMG senior manager realized that a company with many entities could save hundreds in testing time by using automated systems.
Another potential application of emerging technologies is for auditors to conduct audits in remote and virtual environments. This technology boosts efficiency, reduces travel expenses and time spent meeting with clients, and permits auditors to make use of advanced tools like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in auditing isn’t an overnight procedure. Her firm implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to customize the auditing procedures to address specific risks and eliminate the need for sampling, resulting in increased efficiency and better quality.
https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents