Making investments in the development and implementation of technology for audit can be an expensive endeavor. This is why a thorough knowledge of the extent of this process is vital for decision makers.
Experts suggest that the design and implementation of audit technology consumes lots of time as well as money and human resources. It is also necessary to establish the goals and objectives which have to be achieved. In addition, the implementation of audit technology is a complicated process that requires constant communication between different teams and an understanding of potential pitfalls that may arise at any time during the development cycle.
This is especially relevant if the purpose of the project is to improve data organization and audit efficiency. For example, one KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours of testing by utilizing automated technology to match and map different data sets.
Another possible use for the emerging technologies is for auditors to conduct audits from remote and virtual environments. This technology https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications can increase efficiency, lowers travel costs and time spent in meetings with clients, and enables auditors to use advanced tools, such as analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new techniques into audits isn’t something that can be done overnight. Her firm has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to tailor audits to specific risks and also eliminate the need for sample.
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