Innovative Technologies for Audit

Making investments in the development and implementation of technology for audit can be a costly venture. This is why a thorough understanding of the scope of this process is vital for decision-makers.

According to experts, the creation and implementation of auditing technology requires a substantial amount of human resources, budget, and time. It is also essential to identify the goals and objectives which require to be addressed. The implementation of audit technology is a complex process that requires continuous communication between teams and an understanding of risks that could arise at any stage of the development process.

This is particularly applicable if the aim of the project is to improve the organization of data and efficiency in auditing. For example, one KPMG senior manager found that a firm with multiple entities could save hundreds of hours of testing by using automated technology https://data-audit.net/2020/04/05/audit-and-its-types-objects-methods to match and map disparate data sets.

Another possible application for emerging technologies is for auditors to conduct audits in the virtual and remote environment. This technology improves efficiency, cuts down on travel costs and time spent meeting with clients, and allows auditors to utilize advanced tools such as analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technologies into audits isn’t an easy task that can be accomplished in a single day. Her firm implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to customize audits to specific risks, and also eliminate the need to collect samples.