Making investments in the development and implementation of audit technology could be a costly venture. It is essential for decision-makers to have a clear understanding of this process.

According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources, and time. It also requires an extensive analysis of the goals and objectives that must be accomplished. Implementation of audit technology is a complicated procedure that requires constant communication between teams as well as an in-depth understanding of dangers that can arise at any time during the development cycle.

This is particularly true if your project’s goal is to improve efficiency in audits and data organization. For instance, a KPMG senior manager found that a company with multiple entities could save hundreds of hours of testing using automated tools to compare and map disparate data sets.

Auditors could also conduct audits remotely or virtually. This technology improves efficiency, reduces travel expenses and time spent meeting with clients, and allows auditors to utilize advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in the audit is not an overnight process. The firm she works for has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to tailor audits to specific risks and also eliminate the need to collect samples.

https://data-audit.net/2020/03/16/management-board-software-for-audits/