Innovative Technologies for Audit

Investing in the development and implementation of auditing technology can be a costly venture. This is why having a complete understanding of the magnitude of this process https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents is vital for decision makers.

Experts suggest that the design and implementation process of audit technology takes a lot of time and money as well as human resources. It is also necessary to determine the goals and objectives which require to be addressed. Implementation of technology for auditing is a complicated procedure that requires constant communication between teams as well as a thorough understanding of the pitfalls that may arise at any point of the development cycle.

This is especially relevant if the goal of your project is to increase audit efficiency and data organization. One KPMG senior manager realized that a business with many entities could reduce hundreds of testing time by utilizing automated technology.

Another potential application of emerging technologies is for auditors to conduct audits in a remote and virtual environment. This technology improves efficiency, decreases travel costs and time spent with clients, and allows auditors to use sophisticated tools like analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs, implementing new technologies in the audit is not an overnight procedure. Her company has implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to customize audit procedures to specific risks and remove the need for sampling and resulting in improved efficiency and better quality.