investing in the development and implementation of technology for audit can be an expensive endeavor. It is crucial for decision makers to have a solid understanding of this process.

According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget and time. It also requires a thorough determination of the goals and targets that need to be covered. In addition, the implementation of audit technology is a complex task that requires constant back-and-forth communications between different teams, as well as an understanding of the potential pitfalls that can arise at any point during the development cycle.

This is especially applicable if the aim of the project is to improve data organization and efficiency of audits. For instance, one KPMG senior manager found that a business with multiple entities could save hundreds of hours in testing by using automated technology to match and map disparate data sets.

Another possible use for the emerging technologies is for auditors to conduct audits from an online and virtual environment. This technology allows for greater efficiency, reduces travel costs and time spent in meetings with clients, and allows auditors to use advanced tools, such as analytics.

Samantha Bowling, CPA and https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/ CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland She says that incorporating new techniques into audits isn’t an easy task that can be done overnight. Her company has implemented artificial intelligence (AI) to assist in identifying high-risk transactions. This technology has enabled her to customize audits to specific risks, and eliminate the need for samples.