In the development and implementation of auditing technology can be costly. Therefore, a comprehensive understanding of the magnitude of this process is vital for decision makers.

According to experts, the creation and implementation of auditing technology takes a large amount of human resources, budget and time. It is also crucial to identify the goals and objectives which require to be addressed. Furthermore, the implementation of audit technology is a challenging task that requires constant back-and-forth communications between teams as well as an understanding of potential pitfalls that can arise at any time during the development cycle.

This is especially relevant if the purpose of the project is to improve data organization and efficiency in auditing. One KPMG senior manager found that a company with many entities could save hundreds in testing time by utilizing automated technology.

Another possible application for emerging technologies is for auditors to conduct audits in an online and virtual environment. This technology can improve efficiency, decreases travel costs and time how to audit transactions using data managment applications spent meeting with clients and allows auditors to use advanced tools such as analytics.

According to Samantha Bowling, CPA, CGMA managing partner of Upper Marlboro, Md.-based Garbelman Winslow CPAs adopting new technologies in the audit is not an overnight task. The firm she works for has implemented artificial intelligence (AI) to identify transactions that are high-risk. This technology has enabled her to create audits that are tailored to specific risks, and also eliminate the need for samples.