What are the different techniques of audit supported by a computer?
Audit -supported audit techniques include the use of a computer to complete several tasks to review the client's financial information. Several popular tools or techniques offered by the computer include filter criteria, statistical analysis, aging and trend analysis. The use of a computer during the audit allows more individuals to access the client information. Experts use audit techniques using a computer to work through a larger amount of financial data faster than traditional manual reviews or information about information.
The filters are audit techniques using a computer that take large groups of information and data and reduce them for several samples. Sampling allows auditors to take a small but representative group of information to test the entire company's accounting process. Errors in the client's accounting or financial information can also be discovered with filter criteria. For example, auditors can filter input transactions in a diary over a certain period or a lift. This limits the amount of search necessary to find the necessary information.
Statistical analyzes include conditions and other mathematical measures. Audit techniques assisted by computer often often use tables as part of this analysis. Auditors can enter data into certain table cells and allow formulas that are connected to the table to do their work. Using this technique, they can manually enter data into tables or upload it to the table electronically. A large number of accounting and financial information can go through this process quickly using Audit using a computer.
Aging is a specific accounting method that is often found on receivables or accounts due. Auditors create messages to determine age for certain accounting or financial information. For example, auditors group open receivables or obligations up to 30, 60, 90, or 120 days of age. Messages created inComputer computer techniques allow auditors to determine how well the company pays its accounts and monitors open accounts with customers or sellers. Accounting software programs usually have a built -in message to the system for use by auditors and accounting.
Trends analysis is a very common tool in both accounting and audit. Accountants and auditors compare current financial information or data with previous periods and calculate the change between the two numbers, often months or years apart. Significant growth or decrease in data can lead to deeper research as the change may be related to potentially inappropriate reasons. Audit techniques with the help of a computer often use this tool as a basic line for audit reviews. Once the auditors set a historical basic line for the growth or decline of the company for accounting information, the current data must be comparable to that number.