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Making investments in the development of audit technology and implementation can be a costly undertaking. It is crucial for decision makers to be aware of this process.

Experts say that the development and implementation process of audit technology takes lots of time and money, as well as human resources. It also requires a thorough identification of goals and objectives that need to be covered. In addition, the implementation of audit tech is a complex task that demands continuous back-and-forth communication between different teams and an understanding of potential pitfalls that may arise at any time during the development process.

This is especially relevant if the goal of your project is to improve the efficiency of audits and data organization. One KPMG senior manager realized that a firm with multiple entities could reduce hundreds of testing time by utilizing automated tools.

Another potential use of the new technologies is that auditors can perform audits in the virtual and remote environment. This technology allows for greater efficiency, cuts down on travel costs and time spent in meetings with clients, and also allows auditors to utilize more advanced tools such as analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new techniques into audits isn’t an easy task which can be accomplished in one day. The firm she works for has implemented artificial intelligence (AI) to aid in identifying high-risk transactions. This technology has allowed her to tailor audit procedures to meet specific risks and eliminate the need for sampling and resulting in improved efficiency and higher quality.