Innovative Technologies for Audit

The process of developing audit technology and implementation could be a costly endeavor. It is vital for decision makers to have a clear understanding of this process.

According to experts, the creation and implementation of auditing technology takes a large amount of budget, human resources and time. It also requires a thorough identification of goals and objectives that need to be covered. Additionally, the implementation process of audit tech is a complex task that requires constant communication between different teams, as well as an understanding of the potential pitfalls that could arise at any time during the development process.

This is particularly applicable if the aim of the project is to improve data organization and efficiency in auditing. For instance, a KPMG senior manager found that a company that has multiple entities could save hundreds of hours in testing by using automated technology to map and match disparate data sets.

Another possible application for emerging technologies is to allow auditors what is business intelligence to conduct audits from an online and virtual environment. This technology improves efficiency, decreases the cost of travel 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 She says that incorporating new techniques into audits isn’t an easy task that can be done overnight. Her company has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has allowed her to customize audit procedures to specific risks and eliminate the need to sample that results in higher efficiency and better quality.