In the present day, the scientific and technical growth of IT tools leaves a lot of prospects to competently integrate advanced methodologies into the audit concepts. New IT tools bring in possibilities for audit methodologies, which previously were impossible to employ for the technical reason.
The new technologies necessitate nevertheless, strategic decisions concerning the planning and implementation of the audit. The following are tools and methodologies used by most companies in their auditing processes.
- Interactive Data Extraction and Analysis (IDEA) – This type of analysis is a fundamental IT based audit tool program that is employed when running compliance and substantive testing as well as Computer Assisted Audit Techniques (CAATs). Created by the Canadian Institute of Chartered Accountants, IDEA. It is a software package that not only translates any data file format into one more considered expedient for the user but it also analyses the said data. The software program is promoted by the American Institute of CPA’s that works on both personal computers and mainframes. It can get a hold of and analyze data gained during audit, accounting, tax or management advisory services engagements
- Audit (Builder.sup.v2) – As a comprehensive response to the multi-spot reliable assessment, Audit (Builder.sup.v2) offers the user capability to mechanize as well as customize the interior assessment structure which functions for comfortable for the user. Aside from that, the software package supports multiple level consolidations that enable the auditor to evaluate assessment marks both across the business organization.
- Audit Leverage. – Audit Leverage, which is located in Microsoft access, incorporates digital work papers, recommendation tracking, customised assessment program, documents, and threat evaluation with the use of Council of Sponsoring Organizations (COSO), including Control Objectives for Information and related Technology (COBIT [R]), assessment groundwork, recruitment, punctuality, accounts assessment, among many functions.
- Auditor Assistant – His function is to direct company’s integrated software, whose function is to manage the audit cycle, map out threat evaluation, among others, intended for audit procedure.
- AutoAudit [R] 2001 – AutoAudit [R] 2001 software is the definitive device used in running the company’s audit division as a digitized workplace. It is essentially rooted on the Lotus Notes[R], which is a groupware standard. The software’s exceptional plan enables clients to create risk assessments, informational forms, evaluating records, work papers, reassess remarks, check reports, time information, as well as expenditure data in a particular digital catalog.
- Galileo- This audit technology is a wide-ranging, highly functional documentation system and audit management scheme, as it is customisable for any business organization. Such a structure integrates audit plans and carries out important functions like report generation, staff scheduling, electronic work papers, issue tracking, and timesheets. A Web-enabled, it may supply communication and smooth the progress of issue tracking. Its versions are available for Lotus Notes [R], Lotus Domino[TM] and Microsoft [R] Exchange 2000.
- Optial- This particular facility supports web-based audit, and has unique functions like compliance and risk management solutions which facilitate highly competent and highly efficient handling of important company guarantee activities. It was designed with the use of the most modern web facilities and provides a dependable as well as a customizable organizational platform that can be installed by way of personal setting up or as an entirely hosted solution.
- PRo Audit (Advisor.sup.v3)- This system which is widely used by audit practitioners all over the world serves as the definitive digital work paper by confining the audit information an auditor needs in a user-friendly and intuitive software product. The following list is confined to Supreme Audit Institutions or SAIs that employ software entailing some of the methods. The information in the table is presented for Analysis and Sampling, Data extraction, and Down-loading.
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