Investing in the development and implementation of auditing technology can be a costly venture. It is essential for decision-makers to have a clear understanding of this process.
According to experts, the development and implementation of audit technology requires a significant amount of human resources, budget and time. It also requires an extensive understanding of the goals and objectives which must be achieved. Additionally, the implementation process of audit technology is a complicated process that requires constant back-and forth communication between different teams and an understanding of the potential pitfalls that may arise at any point during the development process.
This is especially true if your project’s goal is to improve the efficiency of audits and data organization. One KPMG senior manager discovered that a company with many entities could save hundreds of dollars in testing time by using automated technology.
Auditors can also conduct audits remotely and virtually. This technology allows for greater efficiency, reduces travel costs and time spent in meetings with clients and allows auditors to use more advanced tools such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into the audit is not an overnight process. Her firm implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to customize the auditing procedures to address specific risks and eliminate the need for sampling, resulting in increased efficiency and higher quality.
https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications