Innovative Technologies for Audit

Making investments in the development and implementation of auditing technology can be a costly venture. That’s why a comprehensive understanding of the scope of this process is essential for those who make the decision.

Experts believe that the development and implementation process of audit technology requires a lot of time, money, and human resources. It also requires an extensive understanding of the goals and objectives that must be accomplished. Implementing audit technology is a complicated procedure that requires continuous communication between teams and an in-depth understanding of dangers that can arise at any point in the development process.

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

Auditors could also conduct audits remotely or virtually. This technology enables greater efficiency, cuts down on travel costs and time spent in meetings with clients and enables 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 is not an easy task. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to create audits that are tailored to specific risks, and also eliminate the requirement for samples.

https://data-audit.net/2021/10/25/best-virtual-data-room-for-best-performance