Making investments in the development of audit technology and implementation can be a costly undertaking. This is why a thorough understanding of the scope of this process is essential for those who make the decision.
Experts suggest that the design and implementation process of audit technology consumes considerable time and money as well as human resources. It is also essential to identify the goals and objectives that need to be addressed. The implementation of audit technology is a complex process that requires constant communication between teams and an understanding of the dangers that can arise at any stage of the development cycle.
This is particularly true if your project’s goal is to increase audit efficiency and data organization. One KPMG senior manager realized that a firm with multiple entities could reduce hundreds of testing time by utilizing automated technology.
Auditors could also perform audits remotely and even virtually. This technology enables greater efficiency, cuts down on travel costs and time spent in meetings with https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/ 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 technologies into audits isn’t an easy task that can be completed in a matter of hours. Her firm implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to customize audit procedures for specific risks and eliminate the need to sample that results in higher efficiency and higher quality.
دیدگاهی یافت نشد