Innovative Technologies for Audit

investing in the development and implementation of auditing technology can be costly. It is crucial for decision makers to be aware of the process.

According to experts, the creation and implementation of audit technology requires a significant amount of budget, human resources, and time. It is also necessary to determine the goals and objectives which need to be addressed. In addition, the implementation of audit technology is a complicated process that requires constant communication between teams as well as an understanding of the pitfalls that can arise at any point in the development cycle.

This is especially important if the project is to improve the organization of data and audit efficiency. For instance, a KPMG senior manager found that a company with multiple entities could save hundreds of hours of testing by using automated technologies to compare and map disparate data sets.

Another potential application of emerging technologies is that auditors can conduct audits from an online and virtual environment. This technology increases efficiency, decreases travel costs and time spent meeting with clients and allows auditors to use sophisticated tools like analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in the audit is not an overnight process. Her firm has incorporated artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to tailor audit procedures to meet specific risks and eliminate the need to sample which results in greater efficiency and better quality.

https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents/