Innovative Technologies for Audit

The process of developing audit technology and implementation could be a costly endeavor. It is vital for decision makers to have a thorough understanding of the process.

Experts agree that the creation and implementation process of audit technology takes lots of time as well as money and human resources. It also requires an extensive analysis of the goals and objectives which must be achieved. In addition, the implementation of audit technology is a complicated process that requires constant back-and-forth communications between different teams, as well as an understanding of the pitfalls that may arise at any point during the development process.

This is especially true if your project’s goal is to improve efficiency in audits and data organization. For instance, a KPMG senior manager found that a business with multiple entities could save hundreds of hours of testing using automated tools to map and match disparate data sets.

Auditors can also conduct audits remotely and even virtually. This technology allows for greater efficiency, cuts down on 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 adopting new technologies in the audit process isn’t an overnight task. Her firm implemented artificial intelligence (AI) to help identify high-risk https://data-audit.net/ transactions. This technology has enabled her to tailor audit procedures to specific risks and eliminate the need to sample that results in higher efficiency and better quality.