In the development and implementation of audit technology could be a costly venture. That’s why a comprehensive understanding of the scope of this process is crucial for decision makers.

According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget, and time. It also requires an extensive determination of the goals and targets that need to be covered. Implementing audit technology is a complicated process that requires continuous communication between teams and an in-depth understanding of pitfalls that may arise at any point in the development cycle.

This is particularly applicable if the aim of the project is to improve the organization of data and audit efficiency. For instance, one KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours in testing by using automated technologies to match and map disparate data sets.

Auditors could also perform audits remotely and virtually. This technology can increase efficiency, lowers travel costs and time spent in meetings with clients and permits auditors to use more sophisticated tools, like analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not an easy task that can be accomplished in a single day. Her firm has incorporated artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to tailor audits to specific risks, and also eliminate the requirement for samples.

https://data-audit.net/2020/03/16/management-board-software-for-audits/