https://data-audit.net/2023/05/31/what-is-business-intelligence/

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

Experts agree that the creation and implementation of audit technology takes a lot of time and money, as well as human resources. It is also crucial to identify the goals and objectives that need to be addressed. In addition, the implementation of audit technology is a challenging task that demands continuous back-and-forth communication between different teams, as well as an understanding of the pitfalls that can arise at any point in the development process.

This is especially relevant if the goal of your project is to improve audit efficiency and data organization. For instance, one KPMG senior manager found that a business with multiple entities could save hundreds of hours in testing by utilizing automated technology to map and match disparate data sets.

Auditors are also able to conduct audits remotely and even virtually. This technology increases efficiency, decreases travel costs and time spent meeting with clients and allows auditors to use advanced tools such as analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not a process that can be accomplished in a single day. Her firm has incorporated artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to customize audits to specific risks, and eliminate the need for samples.