Innovative Technologies for Audit

Investing in audit technology development and implementation could be a costly endeavor. This is why having a complete understanding of the scope of this process is essential for decision-makers.

According to experts, the creation and implementation of auditing technology requires a substantial amount of human resources, budget and time. It also requires a thorough determination of the goals and targets which must be achieved. Additionally, the implementation of audit tech is a challenging task that requires constant back-and forth communication between teams as well as an understanding of the potential pitfalls that may arise at any point in the development cycle.

This is particularly true if the goal of the project is to improve data organization and efficiency in auditing. For instance, a KPMG senior manager found that a business with multiple entities could save hundreds of hours in testing using automated tools to compare and map disparate data sets.

Auditors can also conduct audits remotely and virtually. This technology boosts efficiency, cuts down on 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 techniques into audits isn’t something that can be completed in a matter of hours. The firm she works for has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods tailor audits for specific risks and eliminate the need for sample.