9 October 2024
In the development and implementation of technology for audit can be a costly venture. This is why having a complete understanding of the scale of this process is essential for decision-makers.
Experts suggest that the design and implementation process of audit technology requires lots of time and money, as well as human resources. It also requires an extensive determination of the goals and targets which must be achieved. Implementation of audit technology is a complicated process that requires constant communication between teams, as well as an in-depth understanding of risks that could arise at any stage of the development process.
This is especially important if the project is to improve data organization and efficiency of audits. One KPMG senior manager found that a business with many entities could save hundreds in testing time through automated systems.
Another possible use for the emerging technologies is for auditors to conduct audits in remote and virtual environments. This technology improves efficiency, cuts down on travel costs and time spent with clients and allows auditors to utilize advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into auditing isn’t an overnight procedure. Her firm has incorporated artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to tailor audits to specific risks, and eliminate the need for samples.