（2003）Selection and application of computer assisted audit tools.pdfVIP

Selection and application of computer assisted audit tools By Mark M. Stephenson, KnowledgeLeader contributing writer September 1, 2003 Faced with growing workloads and heightened accountability, an increasing number of internal audit groups are discovering that computer assisted auditing tools and techniques (CAATs) can offer some much needed help. In todays environment, internal auditors are advising organizations on internal control attributes and ways to gain assurance from information. Sarbanes-Oxley compliance efforts have led companies to delve more deeply into their financial statement reporting elements and into the data that feeds and supports the financial statements. Audit technology tools facilitate more granular analysis of this data and help to determine the accuracy of the information. The use of computer assisted tools is growing rapidly, said Ed Hill, managing director, IT Internal Audit Practices, Protiviti. Theres a growing range of tools available to help internal auditors. The challenge is to make sure you are looking at the right tools to deliver the benefits the enterprise needs. Graphical user interfaces (GUIs) are getting better and information downloads are being made easier and faster, he says. But before implementing any software tool, its the users responsibility to become familiar with the tools available in order to pick the right gun. That means having a solid knowledge of your business, your data and the accounting practices in your industry so that you know what target youre aiming at. Audit software tools are very exacting weapons, Hill says. If youre aiming at the right target, they can be extremely effective. But if you dont fully understand your business, your data or your audit objectives, bringing a software tool into the picture isnt going to deliver results and may result some wrong conclusions. Reviewing 100 percent of the data When auditors prop