Investment in the development of audit technology and implementation can be costly. This is why a thorough knowledge of the extent of this process is crucial for those who make the decision.

According to experts, the development and implementation of audit technology requires a significant amount of budget, human resources, and time. It also requires an extensive understanding of the goals and objectives that must be met. Implementation of audit technology is a complicated process that requires constant communication between teams, as well as an understanding of the risks that could arise at any time during the development cycle.

This is especially important if your goal is to increase audit efficiency and data organization. One KPMG senior manager realized that a firm with multiple entities could save hundreds in testing time by utilizing automated technologies.

Auditors could also conduct audits remotely and virtually. This technology improves efficiency, cuts down on travel costs and time spent in meetings with clients, and also allows auditors to utilize more sophisticated tools, like analytics.

Samantha Bowling, CPA and CGMA at Upper Marlboro Garbelman Winslow CPAs in Maryland, says that implementing new technology 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 help identify high-risk transactions. This technology has allowed her to create audits that are tailored to specific risks, and eliminate the need for samples.

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