Innovative Technologies for Audit

Making investments in the development and implementation of auditing technology can be costly. It is essential for decision-makers to be aware of the process.

According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget, and time. It is also crucial to establish the goals and objectives that need to be addressed. Additionally, the implementation process of audit technology is a difficult task that requires constant back-and forth communication between different teams, as well as an understanding of potential pitfalls that could arise at any time during the development cycle.

This is especially relevant if the goal of your project is to improve audit efficiency and data organization. One KPMG senior manager realized that a company with many entities could cut down on hundreds of testing time using automated systems.

Auditors are also able to conduct audits remotely or virtually. This technology boosts efficiency, decreases travel costs and time spent with clients, and permits auditors to use advanced tools like analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into auditing isn’t an overnight task. The firm she works for has implemented artificial intelligence (AI) to identify transactions audit and its types objects methods that are high-risk. This technology has allowed her to create audits that are tailored to specific risks and also eliminate the need to collect samples.