Making investments in the development of audit technology and implementation can be a costly undertaking. It’s important for decision makers to have a clear understanding of the process.
According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget and time. It is also crucial to establish the goals and objectives that must be met. The implementation of audit technology is a complex process that requires constant communication between teams as well as an understanding of the dangers that can arise at any point in the development process.
This is particularly true if your project’s goal is to increase audit efficiency and data organization. For instance, one KPMG senior manager discovered that a company with multiple entities could save hundreds of hours in testing using automated tools to match and map different data sets.
Auditors could also conduct audits remotely or virtually. This technology can improve efficiency, cuts down on travel costs and time spent with clients, and allows auditors to use 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 process. The firm she works for has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to tailor audits to specific risks and eliminate the requirement for samples.