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

According to experts, the creation and implementation of audit technology https://data-audit.net/2020/03/16/management-board-software-for-audits requires a significant amount of human resources, budget, and time. It is also crucial to identify the goals and objectives that require to be addressed. The implementation of audit technology is a complicated process that requires continuous communication between teams and an understanding of potential pitfalls that can occur at any point in the development process.

This is particularly applicable if the project’s objective is to increase audit efficiency and data organization. One KPMG executive discovered that a company with a lot of entities could save hundreds in testing time by utilizing automated tools.

Auditors can also conduct audits remotely and even virtually. This technology improves efficiency, cuts down on travel costs and time spent in meetings with clients and also allows auditors to utilize more sophisticated tools like analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest technologies into audits is not an easy task that can be accomplished in a single day. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and remove the need for sampling that results in higher efficiency and higher quality.