Investing in the development and implementation of audit technology could be costly. Therefore, a comprehensive understanding of the scope of this process is vital for decision-makers.
Experts agree that the creation and implementation of audit technology consumes many hours as well as money and human resources. It is also necessary to identify the goals and objectives that need to be addressed. Implementation of technology for auditing is a complicated procedure that requires constant communication between teams and an understanding of dangers that can arise at any time during the development process.
This is particularly relevant if the goal of your project is to improve efficiency in audits and data organization. One KPMG senior manager found that a business with many entities could cut down on hundreds of testing time by utilizing automated tools.
Auditors can also conduct audits remotely and virtually. This technology improves efficiency, decreases https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance 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 process isn’t an overnight procedure. Her company has implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to customize audit procedures to meet specific risks and remove the need for sampling that results in higher efficiency and higher quality.
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