https://data-audit.net/2021/07/13/generated-post-2

In the development and implementation of audit technology can be an expensive endeavor. It is essential for decision-makers to be aware of this process.

Experts suggest that the design and implementation of audit technology consumes lots of time and money as well as human resources. It also requires an extensive identification of goals and objectives that must be accomplished. Implementing audit technology is a complicated procedure that requires constant communication between teams, as well as an understanding of dangers that can arise at any point in the development cycle.

This is particularly applicable if the project’s objective is to increase audit efficiency and data organization. For instance, one KPMG senior manager found that a company with multiple entities could save hundreds of hours in testing by utilizing automated technology to map and match disparate data sets.

Auditors are also able to conduct audits remotely and even virtually. This technology increases efficiency, cuts down on travel costs and time spent with clients and allows auditors to use advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in auditing isn’t an easy task. 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 need to collect samples.