The process of developing audit technology and implementation can be a costly endeavor. It is essential for decision-makers to have a solid understanding of this process.

Experts say that the development and implementation process of audit technology consumes considerable time as well as money and human resources. It is also necessary to identify the goals and objectives that need to be addressed. The implementation of audit technology is a complex procedure that requires constant communication between teams as well as an understanding of pitfalls that may arise at any time during the development cycle.

This is especially true if your project’s goal is to improve efficiency in audits and data organization. For instance, a KPMG senior manager discovered that a company that has multiple https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents entities could save hundreds of hours of testing by using automated technologies to match and map disparate data sets.

Auditors can also conduct audits remotely and even virtually. This technology allows for greater efficiency, reduces travel costs and time spent in meetings with clients and permits auditors to use more sophisticated tools like analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an overnight task. Her company has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has enabled her to create audits that are tailored to specific risks and also eliminate the requirement for samples.