Making investments in the development and implementation of technology for audit can be an expensive endeavor. It is essential for decision-makers to be aware of this process.

Experts suggest that the design and implementation process of audit technology takes many hours, money, and human resources. It is also crucial to identify the goals and objectives which must be met. Furthermore, the implementation of audit tech is a complex task that requires constant back-and forth communication between teams as well as an understanding of potential pitfalls that could arise at any time in the development cycle.

This is particularly true if the goal of the project is to improve the organization of data and efficiency in auditing. For example, one KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours of testing by using automated technologies to match and map different data sets.

Auditors could also perform audits remotely or virtually. This technology increases efficiency, decreases travel costs and time spent meeting with clients and allows auditors to use sophisticated tools such as analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new techniques into audits isn’t a process that can be accomplished in a single day. The firm she works for has implemented artificial intelligence (AI) to detect high-risk transactions. This technology has enabled her to customize https://data-audit.net/ audits to specific risks and eliminate the requirement for samples.