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

According to experts, the creation and implementation of audit technology requires a significant amount of budget, human resources and time. It is also essential to establish the goals and objectives that need to be addressed. Furthermore, the implementation of audit technology is a challenging task that demands continuous back-and-forth communication between teams as well as an understanding of pitfalls that can emerge at any time in the development cycle.

This is especially applicable if the project’s objective is to increase audit efficiency and data organization. For example, one KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing by utilizing automated technology to compare and map disparate data sets.

Auditors could also conduct audits remotely and even virtually. This technology improves 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 adopting new technologies in the audit process isn’t an overnight task. Her company has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has allowed her to tailor audits to specific risks and eliminate the need for sample.

https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents