Innovative Technologies for Audit

Investing in audit technology development and implementation could be a costly undertaking. This is why having a complete knowledge of the extent of this process is essential for those who make the decision.

Experts agree that the creation and implementation process of audit technology takes many hours as well as money and human resources. It also requires an extensive understanding of the goals and objectives which must be achieved. Additionally, the implementation of audit technology is a difficult task that requires constant back-and-forth communications between different teams, as well as an understanding of pitfalls that could arise at any point during the development cycle.

This is particularly applicable if the aim of 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 compare and map disparate data sets.

Another possible application for emerging technologies is for auditors to conduct audits in an online and virtual environment. This technology improves efficiency, reduces travel expenses and time spent with clients, and allows auditors to utilize advanced tools such as analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland she says that incorporating new technologies into audits is not a process that can be done overnight. Her company has implemented artificial intelligence (AI) to help identify https://data-audit.net/2021/07/08/generated-post high-risk transactions. This technology has allowed her to customize the auditing procedures to address specific risks and eliminate the need for sampling, resulting in increased efficiency and better quality.