The process of developing audit technology and implementation can be a costly endeavor. Therefore, a comprehensive understanding of the scope of this process is crucial for decision makers.
Experts believe that the development and implementation process of audit technology requires many hours, money, and human resources. It is also essential to establish the goals and objectives that require to be addressed. Implementing audit technology is a complicated process that requires constant communication between teams and a thorough understanding of the pitfalls that may arise at any stage of the development process.
This is particularly relevant if the https://data-audit.net/2020/03/16/management-board-software-for-audits purpose of the project is to improve the organization of data and efficiency of audits. One KPMG senior manager discovered that a business with many entities could cut down on hundreds of testing time by using automated technologies.
Auditors can also conduct audits remotely and even virtually. This technology improves efficiency, cuts down on travel costs and time spent with clients, and allows auditors to make use of advanced tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest techniques into audits isn’t something that can be accomplished in a single day. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transaction. This technology has allowed her to tailor audits for specific risks, and eliminate the need for sample.