Microcomputer In Audit Process Essay
Contents
Maintain the quality of Auditing 2
Role of microcomputers in Audit Process 4
References 8
Maintain the quality of Auditing
a. Discuss how the auditor ensures that the quality of the audit is maintained in the face of constantly changing computer technology. (10 marks)
There are many ways that the auditor can implement in ensuring the quality of the audit is maintained despite constantly changing computer technology in the audit system. First, the auditor needs to have training on the new system before the system is officially implemented in the company. Training plays an important role because the auditor will have clear understanding about the new system and they can improve the adaption towards the new system.By giving training,
…show more content…
Discuss how microcomputer helps the audit process.
Microcomputer can be defined as a complete set of computer and it is smaller in scale and usually known as personal computer (PC). (IoT Agenda: Microcomputers, 2005) With the development of information technology (IT) years by years, microcomputer is developed and now, without we realize, it also helps in auditing process. The usage of IT or microcomputers itself will be discussed below.
The audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report, and Follow-up Review. Client involvement is critical at each stage of the audit process. As in any special project, an audit results in a certain amount of time being diverted from your department 's usual routine. One of the key objectives is to minimize this time and avoid disrupting ongoing activities. (Audit Process, Audit Procedure, Audit Planning, 2010)
The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital. Related with the uses of microcomputer to the audit process, below is the explanation on how microcomputer helps audit
…show more content…
The program is specifically made for client. When performing file maintenance, GAS may need a more limited understanding of the client’s hardware and software features. These are functions perform by GAS:
a) Electronic Spreadsheets
It is an application in generalized audit software which may be used for applications such as analytical procedures and performing mathematical procedures. Besides, it helps auditors to prepare working trial balances, lead, and other schedules using microcomputer electronic spreadsheets.
b) Database Management Systems
Enable auditor to rearrange, edit, analyze data and assess data file in manner since auditor can download relevant client files and analyze their data base which later will be used to perform analytical procedure and other audit function.
c) Public Databases
Auditor obtains accounting information related to particular companies and industries which later will be used by them.
d) Text Retrieval Software
Enable auditor to research technical issues quickly and requires minimal training after accessing database of
Nt1310 Unit 3 Lab 7.1
560 Words | 3 Pages7.7.1 Data Owners 1. One whose going to access files, one who owns file, who requires his data to be secure. 2. Data owners are responsible for encrypting the data by generating private key. MMCOE, Department of Computer Engineering, 2015-2016 26 Regeneration of code based cloud storage 3.
Nt1310 Unit 4 Systems Analysis
49 Words | 1 Pages• The four major systems each have its own database and interfaces had to be built for them to all communicate with each other. This is caused information to show in multiple formats and is difficult to reconcile. Providing accurate reports for banking and government regulators is very challenging.
Ggb 515 Task 1
789 Words | 4 PagesA financial audit is an independent, objective evaluation of an organization 's financial reports and financial reporting processes. The primary purpose for financial audits is to give stakeholders reasonable assurance that financial statements are accurate and complete. Most internal audits are not adding value. One reason is that “ongoing compliance burdens and pressure to do more with less” is contributing to the decline in perceived internal audit value.
Professional Identity In Australia
441 Words | 2 PagesThis is demonstrated in the practitioner’s ability to practice their required task and to follow proper
Bsbwor501 Unit 3
333 Words | 2 Pages1. What types of applications are described here? What business functions do they support How do they improve operational efficiency and decision making? Applications described here are email, design, spreadsheets and which would support the operational functions of a business. The iPad and iPhone in the case of Eric Jackson allows him to be mobile conduct business with clients and employees share ideas designs and hold meetings without being present.
Wgu Audit Task
529 Words | 3 PagesClients must keep records and books of accounts including cash book, sales ledger, purchases ledger and general ledger. Supporting documents such as invoices, bank statements, pay-in slips, cheque butts, and receipts for payments, payroll records and copies of receipts issued should be retained. A valuation of the stock in trade should be made at the end of the accounting period and the appropriate records maintained. Company should record sufficient to explain each transaction and to enable a true and fair profit & loss account and balance sheet to be prepared. At the end of the accounting period, a physical stock-take should be made to ascertain the quantity and the cost of the stock in hand or the cost of work in progress statements and
Protiviti Case Study Examples
1164 Words | 5 PagesAn IT audit is the examination and evaluation of an organization's information technology infrastructure, policies and operations. Information technology audits determine whether IT controls protect corporate assets, ensure data integrity and are aligned with the business's overall goals. 1.2.2 Objectives IT audit objectives concentrate on substantiating that the internal controls exist and are functioning as expected to minimize business risk. These audit objectives include assuring compliance with legal and regulatory requirements, as well as the confidentiality, integrity, and availability.
Case Study: Target Corporation
882 Words | 4 PagesPerformance Review: Review process ensures that leaders and team members meet regularly to discuss strengths and development opportunities. Many team members meet with their leader four times a year to discuss business goals, performance, development and career goals, and all team members participate in a formal performance review once a year. Feedback Employee feedback is the core of personal and professional growth at Target Company, Feedback can help an employee get better at what they do, and surprisingly employees crave feedback. The company provide the employee with continues feedback, as a return the employee being more commitment and aware of all the job
IT Infrastructure Audit Case Study
2512 Words | 11 PagesOne example includes a financial audit or an IT infrastructure audit. Data will be given within this paper to address specific issues that might reside within the IT infrastructure audits. It is important to note that each audit process is specific to the tasks and objectives that are to be achieved. IT infrastruction audit processes, goals, controls, objectives and plans are all associated with IT infrastructure auditing (Ifinedo, 2012).
Accounting Information System Literature Review
1372 Words | 6 PagesParticularly well experiences accountants work with AIS means to check the high-level accuracy of company financial transactions and to keep the records in safety manner. To make financial statement easiest way and easy to understand for all of them. AIS is one of the real-time application processes. The Data will be included in the AIS; it depends on the Nature of the Business. It consists of Customer billing statements, Sales orders, purchase Requisitions, Sales analysis reports, Register checking, Vendor invoices, general ideas, payroll information, timekeeping and inventory data, tax information.
The Importance Of Accounting In Personal Finance
748 Words | 3 PagesThese tools are designed to make record keeping features of personal finance, which are the collection, classification, and sorting of financial data as easy as possible. Moreover, these tools also produce summary reports such as income statements, cash flow statements, and balance sheets with an inclusion of many needed calculations Seigel & Yacht, 2009). Personal financial software definitely will assist one in his/her personal financial decisions by providing convenience and skill for collecting, classifying, sorting, reporting, and securing financial data to better assess his/her current situation. Furthermore, for better evaluation of choices, personal finance software make available calculations for projecting information such as education savings, retirement savings, debt repayment, mortgage repayment, and income and expense
Self Reflection In Financial Management
1051 Words | 5 Pages Income data (experiences, estimates of sales, fund rising, membership etc and planned activities). Data come from previous budgets, estimates, experience of others and public available statistics. I was also able to identify the main uses of accounting and these are as follow: Information All organizations need to keep records of their financial transactions so that they can access Information about their financial position, including: summary of income and expenditure, the outcome of all operations, assets and liabilities.
More about Microcomputer In Audit Process Essay
Nt1310 Unit 3 Lab 7.1
560 Words | 3 PagesNt1310 Unit 4 Systems Analysis
49 Words | 1 PagesGgb 515 Task 1
789 Words | 4 PagesRhetorical Analysis Of To Kill A Mockingbird By Harper Lee
563 Words | 3 PagesHistory Of The Tuskegee Training Program
1027 Words | 5 PagesProfessional Identity In Australia
441 Words | 2 PagesBsbwor501 Unit 3
333 Words | 2 PagesWgu Audit Task
529 Words | 3 PagesCmgt 410 Project Proposal Paper
668 Words | 3 PagesProtiviti Case Study Examples
1164 Words | 5 PagesCase Study: Target Corporation
882 Words | 4 PagesIT Infrastructure Audit Case Study
2512 Words | 11 PagesAccounting Information System Literature Review
1372 Words | 6 PagesThe Importance Of Accounting In Personal Finance
748 Words | 3 PagesSelf Reflection In Financial Management
1051 Words | 5 Pages