Computer Assisted Audit Techniques (3)

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COMPUTER
TOP
ASSISTED AUDIT TECHNIQUES TOOLS
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WHAT IS CAAT?
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Computer-Assisted Audit Techniques (CAATs) tools
enable auditors to analyze large volumes of
data, perform complex calculations, and
assess the effectiveness of controls in an
organization.
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GENERALIZED AUDIT SOFTWARE (GAS)
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EXAMPLES ACL (Audit Command Language),
IDEA (Interactive Data Extraction and Analysis),
and SAS (Statistical Analysis System). USAGE The
se tools are tailor-made for auditors, enabling
them to efficiently analyze data through
extraction, sorting, sampling, and comparison.
They excel in handling large and varied datasets,
making them versatile for various audit tasks.
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MICROSOFT EXCEL
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EXAMPLES ACL (Audit Command Language) or IDEA
(Interactive Data Extraction and
Analysis) USAGE Widely used for data analysis
in smaller audits or for less complex data.
Excel's functions and formulas facilitate data
sorting, filtering, and analysis. Pivot tables
and VLOOKUP functions are handy for matching and
comparing datasets.
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DATA VISUALIZATION TOOLS
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EXAMPLES Tableau, Microsoft Power BI, and
QlikView. USAGE These tools are used for
creating dashboards and visual data
representations. They help identify trends,
patterns, and anomalies in large datasets, making
it easier for auditors to communicate their
findings.
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STATISTICAL ANALYSIS SOFTWARE
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EXAMPLES R, Python (with libraries like Pandas,
NumPy, SciPy), and SPSS. USAGE Used for more
sophisticated statistical analysis, predictive
modeling, and data mining. These tools are
valuable for risk assessment and for performing
complex calculations.
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CONTINUOUS AUDITING AND MONITORING SOFTWARE
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EXAMPLES CaseWare Monitor, Galvanize (formerly
ACL Analytics), and Oversight Systems. USAGE Th
ese tools enable continuous auditing and
monitoring of transactions and controls
in real-time, providing ongoing assurance.
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DATABASE MANAGEMENT TOOLS
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EXAMPLES SQL (Structured Query Language) and
Microsoft Access. USAGE Used for querying
databases to extract and analyze data, these
tools are essential when dealing with large,
complex databases.
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ERP-SPECIFIC AUDIT TOOLS
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EXAMPLES Oracle E-Business Suite, SAP
Audit Management tool, Oracle's JD Edwards
ERP USAGE Some ERP systems, like SAP or Oracle,
have built-in or add-on audit modules that
allow auditors to extract and analyze data
directly from the ERP system.
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CUSTOM SCRIPTS AND PROGRAMMING
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EXAMPLES Python, VBScript, JavaScript,
PowerShell and R. USAGE Writing custom scripts
(in Python, VBScript, JavaScript, etc.) to
automate specific audit procedures or to analyze
data in a customized manner.
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