Innovative Technologies for Audit

Making investments in the development and implementation of audit technology could be a costly venture. It is vital for decision makers to have a solid understanding of this process.

Experts agree that the creation and implementation process of audit technology takes a lot of time as well as money and human resources. It is also essential to establish the goals and objectives which have to be achieved. Furthermore, the implementation of audit tech is a complicated process that demands continuous back-and-forth communication between different teams, as well as an understanding of the pitfalls that can arise at any time in the development process.

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 cut down on hundreds of testing time by using automated systems.

Another possible application for emerging technologies is to allow auditors to conduct audits in an online and virtual environment. This technology can increase efficiency, cuts down on travel costs and time spent in meetings with clients, and permits auditors to use more sophisticated tools, like analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit process isn't an overnight process. The firm she works for has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to tailor audit procedures to meet specific risks and remove the need for sampling which results in greater efficiency and higher quality.

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