The process of developing audit technology and implementation could be a costly venture. This is why a thorough understanding of the scope of this process is essential for those who make the decision.
According to experts, the development and 3 reasons to invest in document compliance implementation of auditing technology takes a large amount of human resources, budget, and time. It also requires a thorough identification of goals and objectives that need to be covered. Furthermore, the implementation of audit tech is a complicated process that requires constant back-and forth communication between teams as well as an understanding of the potential pitfalls that can arise at any time in the development cycle.
This is particularly applicable if the aim of the project is to improve data organization and efficiency of audits. For example, one KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours of testing using automated tools to match and map different data sets.
Another potential application of emerging technologies is for auditors to perform audits in an online and virtual environment. This technology improves efficiency, cuts down on travel costs and time spent in meetings with clients, and enables auditors to use more advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit process isn’t an overnight procedure. Her company has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to customize the auditing procedures to address specific risks and eliminate the need to sample that results in higher efficiency and better quality.
