In the development and implementation of auditing technology can be costly. This is why having a complete knowledge of the extent of this process is vital for decision-makers.

According to experts, the creation and implementation of auditing technology requires a substantial amount of budget, human resources and time. It is also essential to identify the goals and objectives that have to be achieved. Additionally, the implementation process of audit tech is a difficult task that requires constant back-and forth communication between different teams and an understanding of the pitfalls that can emerge at any point in the development cycle.

This is particularly relevant if the purpose of the project is to improve the organization of data and audit efficiency. For example, one KPMG senior manager discovered that a company with multiple entities could save hundreds of hours in testing using automated tools to map and match disparate data sets.

Auditors could also conduct audits remotely or virtually. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings with clients and allows navigate to this web-site auditors to use more sophisticated tools like analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in auditing isn’t an overnight process. The firm she works for has implemented artificial intelligence (AI) to identify high-risk transactions. This technology has allowed her to customize audits to specific risks, and also eliminate the need to collect samples.