Innovative Technologies for Audit

Investing in the development and implementation of auditing technology can be costly. It is essential for decision-makers to have a solid understanding of the process.

According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget, and time. It is also necessary to establish the goals and objectives which require to be addressed. The implementation of audit technology is a complex procedure that requires constant communication between teams as well as an in-depth understanding of potential pitfalls that can occur at any point in the development cycle.

This is especially relevant if the purpose of the project is to improve the organization of data and efficiency in auditing. For instance, one KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours in testing by utilizing automated technology to match and map disparate data sets.

Another potential use of the new technologies is for auditors to conduct audits in the virtual and remote environment. This technology can increase efficiency, decreases the cost of travel 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 adopting new technologies in auditing isn’t an easy task. 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 that results in higher efficiency and better quality.

https://data-audit.net/2020/03/16/management-board-software-for-audits