Innovative Technologies for Audit

Investing in the development and implementation of audit technology can be costly. It is essential for decision-makers to have a clear understanding of the process.

Experts agree that the creation and implementation of audit technology consumes many hours and money as well as human resources. It is also essential to determine the goals and objectives that have to be achieved. Additionally, the implementation of audit technology is a difficult task that requires constant communication between different teams and an understanding of the potential pitfalls that can emerge at any point in the development cycle.

This is particularly relevant if the purpose of the project is to improve read the full info here data organization and audit efficiency. For instance, a KPMG senior manager discovered that a company with multiple entities could save hundreds of hours in testing by using automated technologies to match and map different data sets.

Another potential application of emerging technologies is to allow auditors to perform audits in an online and virtual environment. This technology allows for greater efficiency, cuts down on travel costs and time spent in meetings with clients and enables 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 Implementing new technology in the audit process isn’t an overnight procedure. Her firm implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to tailor audit procedures to specific risks and eliminate the need to sample, resulting in increased efficiency and better quality.