Audit software performs audit management functions, such as database sampling and exception testing, to highlight data exceptions and inform auditors of possible errors. It is growing in popularity among companies in various industries and can be used to analyze and audit data in standard text files, Access databases, and Excel workbooks. ACL Audit Exchange and TopCAATs are two well-known products.
Audit software is a type of computer program that performs a wide range of audit management functions. Some of the most common functions are database sampling and generation of confirmation letters for customers and vendors. The main purpose of such software is to highlight data exceptions and inform auditors of possible errors. Although the degree of difficulty or simplicity varies, audit software generally features a non-procedural computer language that allows the auditor to manage data without the need for complex programming.
While audit software is traditionally used to perform basic calculation functions, it can also be used to handle more complex audit tasks. One of those tasks is testing. There is software on the market capable of auditing large data sets, which an auditor can use to analyze data in such a way that internal controls can be optimized or improved. Another task that can be done with auditing software is exception testing, which is often considered one of the key aspects of testing controls. These factors could make this software a valuable asset for companies with the need to process large amounts of data on a daily basis.
Similar to general ledger software, auditing software is commonly used to help analyze and test accounting records. The objectives, however, vary by program. For example, some applications are designed to document audits, prepare audit reports, and print exception reports. Others are designed to gather evidence, perform analytical tests, and assess internal control. There are also more robust programs that combine the aforementioned capabilities in a single package.
There are numerous audit software programs on the market. ACL Audit Exchange is one of the best known products. TopCAATs, an application that runs within Excel, is also on the market. As more users discover the benefits of automated auditing, more products are introduced. Many of these solutions are designed to support a variety of operating systems, including Windows, Mac OS X, and Linux, among others.
Audit software is growing in popularity among companies in various industries. One reason may be that it can be used to analyze and audit data in standard text files, as well as Access databases and Excel workbooks. Regarding the latter application, many of these users find that they can be more productive because they can audit using familiar Excel templates. Advances in information technology have made performing audit management functions from a computer more feasible than ever.
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