The process of developing audit technology and implementation can be a costly venture. Therefore, a comprehensive understanding of the magnitude of this process is crucial for those who make the decision.

According to experts, the creation and implementation of auditing technology takes a large amount of budget, human resources and time. It also requires an extensive analysis of the goals and objectives which must be achieved. Additionally, the implementation process of audit tech is a challenging https://data-audit.net/2022/01/04/3-reasons-to-invest-in-document-compliance task that demands continuous back-and-forth communication between teams as well as an understanding of the potential pitfalls that can emerge at any time during the development process.

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

Auditors could also perform audits remotely or virtually. This technology allows for greater efficiency, decreases the cost of travel and time spent in meetings with clients and enables auditors to use advanced tools, such as analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technologies into audits is not a process which can be accomplished in one day. Her firm implemented artificial Intelligence (AI) to identify high-risk transaction. This technology has enabled her to customize the auditing procedures to address specific risks and eliminate the need for sampling, resulting in increased efficiency and better quality.