Innovative Technologies for Audit
Investing in audit technology development and implementation could be costly. Therefore, a comprehensive understanding of the scope of this process is vital for those who make the decision.
According to experts, the development and implementation of audit technology requires a significant amount https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents/ of budget, human resources, and time. It is also necessary to establish the goals and objectives which have to be achieved. Implementing audit technology is a complicated process that requires constant communication between teams and an understanding of risks that could arise at any point in the development process.
This is especially important if your goal is to improve efficiency in audits and data organization. One KPMG senior manager discovered that a company with many entities could cut down on hundreds of testing time by using automated tools.
Another possible use for the emerging technologies is to allow auditors to conduct audits in a remote and virtual environment. This technology improves efficiency, decreases the cost of travel and time spent in meetings with clients and enables auditors to use more sophisticated tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technology into audits isn’t something that can be accomplished in a single day. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to create audits that are tailored to specific risks, and eliminate the need for samples.
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