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Acct 542 Essay

1142 words - 5 pages

System Integrity and Validation
With the recent implementation of automated software at Kudler Fine Foods, there is the need to address system integrity and the use of computer assisted auditing techniques (CAATs). This brief will examine the following: how CAAT is used to validate data and system integrity within the system, explain the functions of audit productivity software, and explanation of how audit productivity software might be used in the system designed.
How CAAT is used to validate data and system integrity
Auditors prefer to use computer assisted auditing techniques (CAATs) for many reasons. They enable auditors to use software applications, extract data for ...view middle of the document...

Test data is the use of fabricated data entered in the system as a means to verify that the expected outcomes will be as intended and exceptions, or variations are tested. Disadvantages of this method include the lack of live data and that auditors may overlook possible testing scenarios, which would result in an incomplete look at the system. The integrated test facility (ITF) tests applications and financial data through the use of fabricated data entered in the client’s system applications. Parallel simulation involves using software to replicate a module of an application or the entire application. Auditors can input client transactions in a program written by the auditor to test the data integrity and check for errors or discrepancies.
CAATs can be used to verify the integrity of the data by extracting the information and conducting further analysis. Rather than relying on sampling techniques, auditors can test all of their clients’ data and can focus on identifying and investigating abnormalities in the data set. Rather than relying on administrative tasks, auditing software will allow auditors to concentrate more on the transactions and processes resulting in a greater capacity for analytical thinking.
Audit Productivity
Audit productivity software are tools used by auditors that facilitate their productivity by automating the auditing function, and reduce the amount of time they spend on other administrative tasks. These tools include electronic working papers, groupware, engagement management, reference libraries, and document management (Hunton, 2004).
Electronic Working Papers
Electronic working papers automate the auditing process, and allow auditors to import their clients’ financial information, such as the trial balance, allowing them to make the audit adjustments electronically. Some common features of electronic working paper software includes the ability to import information from the clients’ legacy system, export data to excel for quick analysis and to facilitate information sharing, entering adjusting journal entries, the ability to “drill-down” and see the transactions from financial statements, and the ability to create consolidated financial statements (Hunton, 2004). Electronic working papers are compatible with Windows-based programs like Word, Excel, and PowerPoint, which allow audit supervisors to review the clients’ financial data, provide detailed notes or adjustments, and the ability to provide compatible reports to his or her clients.
Groupware
Groupware is defined as “a specialized tool or assembly of compatible tools that enables business teams to work faster, share more information, communicate more effectively, and do a better job of completing tasks” (Gallegos, 2004). Groupware programs assist the IT auditor in...

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