Making investments in the development of audit technology and implementation could be a costly venture. This is why having a complete understanding of the magnitude of this process is necessary 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 necessary to establish the goals and objectives which have to 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 pitfalls that may arise at any point in the development process.
This is especially true if the goal of the project is to improve data organization and efficiency in auditing. One KPMG executive discovered that a company with many entities could save hundreds of dollars in testing time by utilizing automated technology.
Another possible application for emerging technologies is that auditors can conduct audits in an online and virtual environment. This technology improves efficiency, decreases travel costs and time spent meeting with clients, and permits auditors to use advanced tools like analytics.
Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not a process that can be done overnight. Her firm implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to customize audits to specific risks, and eliminate the need for samples.
https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications
