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Innovative Technologies for Audit Leave a comment
In the development and implementation of technology for audit can be an expensive endeavor. It’s important for decision makers to have a thorough understanding of this process.
According to experts, the development and implementation of auditing technology takes a large amount of budget, human resources, and time. It also requires a thorough analysis of the goals and objectives which must be achieved. Implementation of audit technology is a complex process that requires continuous communication between teams and a thorough understanding of the pitfalls that may arise at any point in the development process.
This is particularly true if your project’s goal is to improve efficiency in audits and data organization. For instance, a KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours in testing by using automated technologies to match and map disparate data sets.
Auditors could also perform audits remotely and virtually. This technology can improve efficiency, cuts down on travel costs and time spent meeting with clients, and allows auditors to use sophisticated tools such as analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit process isn’t an overnight task. Her firm has implemented artificial Intelligence (AI) to detect high-risk transactions. This technology has enabled her to customize audits to specific risks and also eliminate the need to collect samples.