“Analytic procedures cost $0.01 compared to $4 for a standard audit of the same evidence.”
“AuditNet conducted a software survey in 2009 and found that only slightly over one-third of auditors use audit software for data analytics.”
This website provides information and encouragement to business owners, auditors, finance managers, controllers, fraud investigators, compliance officers and purchasing agents who want to use analytics and audit specific software tools to test their controls.
Auditors generally do not buy much technology (or anything else) for their own departments and this information can be used to help evaluate the desktop software options, find some quick wins to justify the investment and build a technology business case.
An audit analytic is a specific, consistent way of testing data to support an audit objective. To make sure that credit cards are only issued to current employees for example, an analytic process would compare a list of employees against a list of current cardholders provided by the bank.
Computer assisted audit techniques (CAATs) are used to harmonize and compare 100% of the data from many different systems and avoid relying on sampling any data.
Using computerized scripts (a.k.a. analytics) on laptops and PCs can make a big difference in the cost and amount of time spent on an audit and increase the quality and breadth of the findings. They can also make a day at work much easier and far more interesting and productive.
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