Investing in the development and implementation of auditing technology can be a costly venture. That’s why a comprehensive understanding of the scale of this process is vital for those who make the decision.
Experts say that the development and implementation process of audit technology takes considerable time and money as well as human resources. It is also crucial to establish the goals and objectives that require to be addressed. Implementation of technology for auditing is a complex process that requires constant communication between teams as well as an understanding of the pitfalls that may arise at any point of the development process.
This is particularly true if your project’s goal is to improve efficiency in audits and data organization. For example, one KPMG senior manager found that a business with multiple entities could save hundreds of hours of testing using automated tools to compare and map disparate data sets.
Another possible use for the emerging technologies is for auditors to perform audits in the virtual and remote environment. This technology increases efficiency, decreases travel costs and time spent with clients and allows auditors to utilize advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an overnight process. Her firm implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to tailor the auditing procedures to address specific risks and eliminate the need for sampling which results in greater efficiency and better quality.