Investing in audit technology development and implementation could be a costly endeavor. It is vital for decision makers to be aware of the process.
According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget, and time. It also requires a thorough identification of goals and objectives which must be achieved. In addition, the implementation of audit technology is a challenging task that requires constant back-and forth communication between different teams and an understanding of the potential pitfalls that can arise at any point during the like this development cycle.
This is especially relevant if the purpose of the project is to improve data organization and efficiency in auditing. One KPMG senior manager realized that a company with a lot of entities could save hundreds of dollars in testing time by using automated technologies.
Auditors could also perform audits remotely or virtually. This technology allows for greater efficiency, cuts down on travel costs and time spent in meetings with clients and allows auditors to use more sophisticated tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new techniques into audits isn’t a process that can be completed in a matter of hours. Her firm has incorporated artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to customize the auditing procedures to address specific risks and eliminate the need to sample which results in greater efficiency and better quality.
