Innovative Technologies for Audit

The process of developing audit technology and implementation could be a costly https://data-audit.net/2020/03/16/management-board-software-for-audits venture. That’s why a comprehensive understanding of the magnitude of this process is crucial for those making the decisions.

According to experts, the development and implementation of audit technology requires a significant amount of human resources, budget and time. It also requires an extensive identification of goals and objectives that need to be covered. Additionally, the implementation of audit tech is a complex task that requires constant communication between different teams and an understanding of the potential pitfalls that can emerge at any point in the development process.

This is particularly important if the project is to improve the organization of data and efficiency in auditing. For instance, a KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing using automated tools to map and match disparate data sets.

Auditors are also able to conduct audits remotely and even virtually. This technology increases efficiency, decreases travel costs and time spent meeting with clients and allows auditors to make use of advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in auditing isn’t an easy task. Her company has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to customize audits to specific risks and also eliminate the need for samples.