Innovative Technologies for Audit
Making investments in the development of audit technology and implementation can be a costly undertaking. That’s why a comprehensive understanding of the magnitude of this process is essential for those making the decisions.
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 understanding of the goals and objectives that must be accomplished. Implementation of audit technology is a complex procedure that requires constant communication between teams and an in-depth understanding of risks that https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/ could arise at any point of the development cycle.
This is especially applicable if the project’s objective is to improve the efficiency of audits and data organization. For instance, one KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing using automated tools to compare and map disparate data sets.
Auditors could also perform audits remotely and virtually. This technology can improve efficiency, decreases travel costs and time spent with clients, and permits auditors to make use of advanced tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technologies into audits is not a process that can be accomplished in a single day. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to customize audits to specific risks, and also eliminate the requirement for samples.