09 Oct Innovative Technologies for Audit
Investing in audit technology development and implementation can be a costly venture. That’s why a comprehensive knowledge of the extent of this process is crucial for those making the decisions.
Experts suggest that the design and implementation process of audit technology consumes many hours as well as money and human resources. It is also crucial to establish the goals and objectives that need to be addressed. Additionally, the implementation process of audit technology is a complex task that requires constant back-and forth communication between different teams, as well as an understanding of potential pitfalls https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents that could arise at any time during the development cycle.
This is especially important if the project is to improve data organization and efficiency of audits. For instance, a KPMG senior manager discovered that a business with multiple entities could save hundreds of hours in testing by using automated technology to match and map different data sets.
Another potential application of emerging technologies is for auditors to conduct audits from a remote and virtual environment. This technology boosts efficiency, cuts down on travel costs and time spent meeting with clients, and allows auditors to use advanced tools like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in auditing isn’t an overnight procedure. Her company has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has enabled her to tailor the auditing procedures to address specific risks and eliminate the need to sample that results in higher efficiency and higher quality.
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