Innovative Technologies for Audit
Investing in the development and implementation of audit technology could be costly. It is crucial for decision makers to have a thorough understanding of the process.
Experts say that the development and implementation of audit technology consumes lots of time, money, and human resources. It is also crucial to determine the goals and objectives which must be met. Additionally, the implementation process of audit technology is a complex task that requires constant back-and-forth communications between teams as well as an understanding of the potential pitfalls that can emerge at any time during the development cycle.
This is especially true if the goal of the project is to improve the organization of data and audit efficiency. One KPMG executive discovered that a company with many entities could save hundreds of dollars in testing time by utilizing automated technology.
Auditors could also perform audits remotely or virtually. This technology can improve efficiency, decreases travel costs and time spent meeting with clients and allows auditors to utilize advanced tools like analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in auditing isn’t an overnight process. Her company has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to tailor audits for specific risks and eliminate the need to collect https://data-audit.net/ samples.
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