9 October 2024
Investing in audit technology development and implementation could be a costly undertaking. It is essential for decision-makers to be aware of the process.
Experts say that the development and implementation of audit technology takes lots of time as well as money and human resources. It is also necessary to establish the goals and objectives which have to be achieved. Implementation of audit technology is a complicated procedure that requires continuous communication between teams and a thorough understanding of the pitfalls that may arise at any point in the development cycle.
This is especially relevant if the purpose of the project is to improve the organization of data and audit efficiency. One KPMG executive discovered that a company with many entities could save hundreds in testing time through automated tools.
Another potential application of emerging technologies is for auditors to conduct audits in an online and virtual environment. This technology allows for greater efficiency, lowers travel costs and time spent in meetings with clients, and enables auditors to use more sophisticated tools, like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into the audit is not an overnight procedure. Her company has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has enabled her to customize audits to specific risks and also eliminate the requirement for samples.