Innovative Technologies for Audit

In the development and implementation of technology for audit can be an expensive endeavor. It is vital for decision makers to have a solid understanding of the process.

Experts believe that the development and implementation of audit technology takes lots of time, money, and human resources. It also requires an extensive determination of the goals and targets which must be achieved. Additionally, the implementation process of audit technology is a complex task that requires constant back-and-forth communications between teams as well as an understanding of the pitfalls that could arise at any point in the development cycle.

This is especially relevant if the goal of your project is to increase audit efficiency and data organization. For instance, a KPMG senior manager discovered that a business with multiple entities could save hundreds of hours of testing using automated tools to match and map different data sets.

Auditors can also conduct audits remotely and virtually. This technology boosts efficiency, reduces travel expenses and time spent with clients, and permits auditors to utilize advanced tools such as analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland and Maryland, says that incorporating the latest https://data-audit.net/2023/05/31/what-is-business-intelligence/ technologies into audits is not something that can be done overnight. Her company has implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has enabled her to customize audit procedures for specific risks and remove the need for sampling that results in higher efficiency and better quality.