investing in the development and implementation of audit technology could be costly. It’s important for decision makers to have a solid understanding of the process.
Experts say that the development and implementation process of audit technology takes lots of time, money, and human resources. It also requires an extensive analysis of the goals and objectives that need to be covered. In addition, the implementation of audit technology is a challenging task that requires constant back-and-forth communications between different teams, as well as an understanding of the potential pitfalls that could arise at any time in the development process.
This is particularly relevant if the goal of your project is to improve the efficiency of audits and data organization. For instance, one KPMG senior manager discovered that a firm with multiple entities could save hundreds of hours of testing using automated tools to match and map different data sets.
Another possible application for emerging technologies is for auditors to conduct audits in a remote and virtual https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications environment. This technology can increase efficiency, decreases the cost of travel and time spent in meetings with clients, and also allows auditors to utilize more sophisticated tools, like analytics.
According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in the audit is not an easy task. The firm she works for has implemented artificial intelligence (AI) to detect high-risk transactions. This technology has enabled her to create audits that are tailored to specific risks and eliminate the need for samples.
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