Investing in the development and implementation of auditing technology can be a costly venture. Therefore, a comprehensive understanding of the scale 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 also requires a thorough determination of the goals and targets that must be accomplished. Implementation of technology for auditing is a complicated process that requires constant communication between teams, as well as an understanding of the potential pitfalls that can occur at any stage of the development process.
This is particularly important if your goal is to increase audit efficiency and data organization. One KPMG senior manager found that a firm with multiple entities could save hundreds in testing time through automated technology.
Another potential application of emerging technologies is that auditors can conduct audits in a remote and virtual environment. This technology boosts efficiency, cuts down on travel costs and time spent with clients, and allows auditors to use sophisticated tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies click resources into audits isn’t a process that can be completed in a matter of hours. Her firm implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to customize audits to specific risks, and also eliminate the need for sample.