Investment in the development of audit technology and implementation can be a costly endeavor. It is vital for decision makers to have a solid understanding of this process.

Experts say that the development and implementation process of audit technology consumes lots of time, money, and human resources. It is also crucial to identify the goals and objectives which require to be addressed. In addition, the implementation of audit technology is a complex task that demands continuous back-and-forth communication between different teams and an understanding of the potential pitfalls that could arise at any time in the development cycle.

This is especially relevant if the goal of your project is to improve audit efficiency and data organization. For instance, one KPMG senior manager found that a company with multiple entities could save hundreds of hours of testing by using automated technology to compare and map disparate data sets.

Auditors could also perform audits remotely or virtually. This technology can increase efficiency, lowers travel costs and time spent in meetings with clients and permits auditors to use advanced tools, such as analytics.

According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an overnight procedure. Her firm implemented artificial Intelligence (AI) to identify transactions that are high-risk. This technology has allowed her to tailor the auditing procedures to address specific risks and eliminate the need to sample, resulting in increased efficiency and better quality.

https://data-audit.net/2020/09/15/how-to-audit-transactions-using-data-managment-applications/