Investment in the development of audit technology and implementation can be a costly undertaking. It’s important for decision makers to be aware of this process.

According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget and time. It also requires an extensive determination of the goals and https://data-audit.net/2021/07/13/generated-post-2/ targets that must be accomplished. Implementing audit technology is a complex process that requires constant communication between teams, as well as an understanding of dangers that can arise at any point of the development cycle.

This is particularly applicable if the project’s objective is to improve efficiency in audits and data organization. For example, one KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing using automated tools to map and match disparate data sets.

Another potential application of emerging technologies is to allow auditors to conduct audits in the virtual and remote environment. This technology can improve 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 into audits isn’t an easy task that can be done overnight. Her firm implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to tailor audit procedures to specific risks and remove the need for sampling that results in higher efficiency and better quality.