Making investments in the development of audit technology and implementation could be a costly endeavor. This is why having a complete understanding of the scale of this process is vital for decision-makers.
Experts say that the development and implementation process of audit technology requires a lot of time and money, as well as human resources. It also requires an extensive analysis of the goals and objectives that must be accomplished. The implementation of audit technology is a complex procedure that requires constant communication between teams as well as a thorough understanding of the dangers that can arise at any point of the development cycle.
This is especially relevant if the purpose of the project is to improve the organization of data and audit efficiency. One KPMG senior manager found that a business with many entities could cut down on hundreds of testing time through automated tools.
Another possible use for the emerging technologies is for auditors to conduct audits from a remote and virtual environment. 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.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technologies into audits isn’t something that can be completed in a matter of hours. The firm she works for has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to customize audits to specific risks, and also eliminate the need for samples.
https://data-audit.net/2023/05/31/what-is-business-intelligence/