Innovative Technologies for Audit
Making investments in the development and implementation of audit technology can be a costly venture. Therefore, a comprehensive knowledge of the extent of this process is essential for decision makers.
According to experts, the development and implementation of auditing technology takes a large amount of budget, human resources and time. It also requires a thorough analysis of the goals and objectives that must be accomplished. The implementation of audit technology is a complicated procedure that requires constant communication between teams as well as an understanding of the potential pitfalls that can occur at any time during the development cycle.
This is especially relevant if the purpose of the project is to improve data organization and efficiency in auditing. For instance, one KPMG senior manager discovered that a business with multiple entities could save hundreds of hours in testing by using automated technologies to map and match disparate data sets.
Another possible application for emerging technologies is for auditors to perform audits in the virtual and remote environment. This technology can improve efficiency, decreases travel costs and time spent meeting with clients and allows auditors to make use of 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 technology into audits isn’t a process which can be accomplished in one day. Her firm has implemented artificial Intelligence (AI) to identify high-risk transactions. This technology has allowed her to tailor audit procedures for specific risks and remove the need for sampling, resulting in increased efficiency and higher quality.