Investment in the development of audit technology and implementation can be a costly undertaking. It is essential for decision-makers to have a solid understanding of this process.
Experts suggest that the design and implementation process of audit technology requires many hours as well as money and human resources. It is also necessary to identify the goals and objectives which require to be addressed. Additionally, the implementation process of audit technology is a complex task that requires constant communication between different teams and an understanding of the pitfalls that could arise at any point during the development process.
This is particularly true if your project’s goal is to improve https://data-audit.net/ efficiency in audits and data organization. One KPMG executive discovered that a company with a lot of entities could cut down on hundreds of testing time through automated technology.
Another possible application for emerging technologies is for auditors to conduct audits from remote and virtual environments. This technology increases efficiency, reduces travel expenses and time spent meeting 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 she says that incorporating new technology into audits isn’t a process that can be accomplished in a single day. The firm she works for has implemented artificial intelligence (AI) to detect high-risk transactions. This technology has enabled her to customize audits to specific risks and eliminate the requirement for samples.
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