Innovative Technologies for Audit

In the development and implementation of technology for audit can be an expensive endeavor. It’s important for decision makers to have a thorough understanding of the process.

Experts agree that the creation and implementation of audit technology takes many hours and money as well as human resources. It also requires an extensive understanding of the goals and objectives that need to be covered. In addition, the implementation of audit tech is a complicated process that requires constant back-and forth communication between different teams, as well as an understanding of the pitfalls that may arise at any point in the development process.

This is particularly relevant if the goal of your project is to improve the efficiency of audits and data organization. One KPMG senior manager discovered that a business with many entities could save hundreds in testing time through automated tools.

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

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs the implementation of new technologies into the audit is not an easy task. The firm she works for has implemented artificial intelligence (AI) to detect high-risk transactions. This technology has allowed her to tailor audit procedures to specific risks and remove the need for sampling which results in greater efficiency and better quality.

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