Innovative Technologies for Audit

The process of developing audit technology and implementation could be costly. Therefore, a comprehensive understanding of the scale of this process is necessary for those who make the decision.

According to experts, the creation and implementation of auditing technology requires a substantial amount of human resources, budget and time. It also requires an extensive determination of the goals and targets that need to be covered. Implementing audit technology is a complex procedure that requires constant communication between teams and a thorough understanding of the pitfalls that may arise at any time during the development cycle.

This is especially important if your goal is to improve efficiency in audits and data organization. For instance, one KPMG senior manager discovered that a business with multiple entities could save hundreds of hours of testing by using automated technologies to match and map disparate data sets.

Another possible application for emerging technologies is that auditors can conduct audits in remote and virtual environments. This technology improves efficiency, cuts down on travel costs and time spent with clients and allows auditors to use sophisticated tools such as analytics.

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

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