investing in the development and implementation of audit technology could be a costly venture. It’s important for decision makers to be aware of this process.
Experts agree that the creation and implementation process of audit technology consumes many hours and money as well as human resources. It is also essential to establish the goals and objectives that need to be addressed. Furthermore, the implementation of audit tech is a complex task that requires constant back-and-forth communications between teams as well as an understanding of potential pitfalls that can emerge at any point during the development process.
This is particularly relevant if the purpose of the project is to improve data organization and efficiency of audits. One KPMG senior manager realized that a company with a lot of entities could save hundreds in testing time by utilizing automated tools.
Another potential application of emerging technologies is for auditors to conduct audits from remote and virtual environments. This technology can increase efficiency, cuts down on travel costs and time spent in meetings with clients and also allows auditors to utilize advanced tools, such as analytics.
According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an overnight task. Her firm implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has allowed her to customize audit procedures to specific risks and remove the need for sampling and resulting in improved efficiency and better quality.
https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications