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IMPACT OF IT ON AUDIT - Coggle Diagram
IMPACT OF IT ON AUDIT
Use of computer as an Audit Tool
Word processor
audit documentation
audit programme preparation
communication and report
documentation of internal control
Statistical packages
select sample for testing
analyse result
Spreadsheets
Trial balance and lead schedule
time and cost budgeting
analytical procedures
CAAT
Auditing in CIS Environment
Auditing around the computer
ensure effectiveness of input and outputs controls
ensure adequacy of segregation of duties
emphasis on ensure completeness, accuracy and validity of information
Auditing through the computer
perform test of control and substantive test
may use CAAT to help organize, analysing and extract computerised data and re-performing computation and other processing
Audit procedures
auditor specific objective do not change whether accounting data is processed manually or by computer
may perform audit procedures manually or use CAAT or combination
Computer-Assisted Audit Technique (CAAT)
Condition of use CAAT
absence of input document or lack of visible audit trail
improve effectiveness of efficiency of audit procedures
Type of CAAT
Audit software
use during substantive test to determine reliability of accounting controls and integrity of computerised accounting records
calculation checks
detect unreasonable items
detect violation of system rules
conduct new calculation and analyses
Test data
completeness checks
select items for audit testing
Factors for auditors to use CAAT
extent of ability of CAAT to perform test on various financial statements items
time where report need to be produced within short-time period
cost that associated with CAAT
condition of hardware and ability to support CAAT
no visible evidence available and CAAT is the only way