Innovative Technologies for Audit

Making investments in the development and implementation of auditing technology can be a costly venture. This is navigate to this web-site why a thorough knowledge of the extent of this process is necessary for decision makers.

According to experts, the development and implementation of auditing technology takes a large amount of human resources, budget, and time. It is also essential to determine the goals and objectives which require to be addressed. Additionally, the implementation process of audit technology is a complicated process that requires constant communication between different teams, as well as an understanding of potential pitfalls that could arise at any point in the development cycle.

This is particularly true if your project’s goal is to improve audit efficiency and data organization. One KPMG executive discovered that a company with a lot of entities could save hundreds of dollars in testing time by utilizing automated systems.

Another possible use for the emerging technologies is for auditors to conduct audits from remote and virtual environments. This technology can improve efficiency, cuts down on travel costs and time spent meeting with clients and allows auditors to use sophisticated tools like analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit process isn’t an overnight task. Her firm has implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has allowed her to tailor audit procedures to specific risks and eliminate the need for sampling which results in greater efficiency and better quality.