The process of developing audit technology and implementation can be costly. This is why a thorough understanding of the scope of this process is crucial for decision makers.

According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources and time. It is also essential to determine the goals and objectives which require to be addressed. Implementing audit technology is a complex process that requires constant communication between teams, as well as an understanding of pitfalls that may arise at any stage of the development cycle.

This is especially true if your project’s goal is to increase audit efficiency and data organization. One KPMG senior manager found that a firm with multiple entities could reduce hundreds of testing time by utilizing automated tools.

Another potential application of emerging technologies is for auditors to perform audits in a remote and virtual environment. This technology improves efficiency, decreases the cost of travel and time spent in meetings with clients, and also allows auditors to utilize more sophisticated tools like analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not a process that can be accomplished in a single day. 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 eliminate the need to collect samples.

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