Innovative Technologies for Audit

09 Ott Innovative Technologies for Audit

Investment in the development of audit technology and implementation can be a costly endeavor. It’s important for decision makers to be aware of this process.

Experts believe that the development and implementation process of audit technology consumes many hours as well as money and human resources. It also requires a thorough identification of goals and objectives that need to be covered. Implementation of technology for auditing is a complicated procedure that requires constant communication between teams as well as an understanding of dangers that can arise at any point in the development cycle.

This is especially important if your goal is to increase audit efficiency and data organization. One KPMG senior manager realized that a business with many entities could reduce hundreds of testing time through automated technology.

Auditors could also perform audits remotely or virtually. This technology improves efficiency, decreases the cost of travel and time spent in meetings with clients and allows auditors to use more sophisticated tools, like analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new technology into audits isn’t an easy task that can be completed in a matter of hours. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has enabled her to tailor audits to specific risks and eliminate the need to collect samples.

https://data-audit.net/2022/01/04/software-that-automates-the-process-of-managing-documents/