In the development and implementation of technology for audit can be an expensive endeavor. It’s important for decision makers to be aware of this process.

According to experts, the development and implementation of auditing technology requires a substantial amount of human resources, budget and time. It also requires an extensive understanding of the goals and objectives which must be achieved. Furthermore, the implementation of audit tech is a difficult task that requires constant back-and forth communication between different teams and 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 of audits. For instance, a KPMG senior manager discovered that a company that has multiple entities could save hundreds of hours in testing by using automated technology to match and map different data sets.

Auditors could also perform audits remotely https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications or virtually. This technology allows for greater efficiency, reduces travel costs and time spent in meetings with clients and allows auditors to use more advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit is not an overnight procedure. Her firm has incorporated artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to create audits that are tailored to specific risks and also eliminate the need to collect samples.