In the development and implementation of technology for audit can be an expensive endeavor. Therefore, a comprehensive knowledge of the extent of this process is necessary for those making the decisions.

Experts agree that the creation and implementation process of audit technology takes many hours and money as well as human resources. It is also essential to determine the goals and objectives that need to be addressed. Additionally, the implementation of audit tech is a complex task that requires constant back-and forth communication between different teams, as well as an understanding of pitfalls that may arise at any point in the development process.

This is particularly true if your project’s goal is to improve efficiency in audits and data organization. One KPMG senior manager found that a company with many entities could save hundreds of dollars in testing time using automated systems.

Auditors could also conduct audits remotely and even virtually. This technology can increase efficiency, decreases the cost of travel and time spent in meetings with clients, and enables auditors to use more sophisticated tools, like analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in the audit process isn’t an overnight task. The firm she works for has implemented artificial https://data-audit.net/ intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to customize audits to specific risks, and eliminate the requirement for samples.