Innovative Technologies for Audit

Making investments in the development of audit technology https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance/ and implementation can be a costly venture. It is crucial for decision makers to have a clear understanding of this process.

Experts believe that the development and implementation process of audit technology takes lots of time as well as money and human resources. It is also necessary to determine the goals and objectives which need to be addressed. Implementing audit technology is a complicated process that requires constant communication between teams and a thorough understanding of the potential pitfalls that can occur at any point of the development process.

This is particularly important if the project is to improve the organization of data and efficiency in auditing. For instance, a KPMG senior manager found that a firm with multiple entities could save hundreds of hours of testing using automated tools 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, decreases travel costs and time spent with clients, and permits auditors to use advanced tools like analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland she says that incorporating new technologies into audits is not a process which can be accomplished in one day. Her company has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to tailor audits to specific risks, and eliminate the need for samples.