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Keeping electronic work papers on a centralized audit file or database will allow the auditor to navigate through current and archived working papers with ease. The database will make it easier for auditors to coordinate current audits and ensure they consider findings from prior or related projects.
The Institute of Internal Auditors, a global professional audit standards body, has issued practice advisory 2330-1 stating the goals of audit working papers are to: [1] Document the planning, performance, and review of audit work; Provide the principal support for audit communication such as observations, conclusions, and the final report;
Audit working papers: Documents required on an audit of a company's financial statements. The working papers are the property of the accounting firm conducting the audit. These papers are formally referred to as audit documentation or sometimes as the audit file.
An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure and business applications. The evaluation of evidence obtained determines if the information systems are safeguarding assets, maintaining data integrity , and operating effectively to ...
ISA 230 Audit Documentation is one of the International Standards on Auditing.It serves to direct the documentation of audit working papers in order to assist the audit planning and performance; the supervision and review of the audit work; and the recording of audit evidence resulting from the audit work in order to support the auditor's opinion.
How to keep the (unbreakable) link between the (electronic) audit object and the audit report with use of the auditor's (electronic) signature. With XBRL assurance the auditor needs to distinguish between primary and secondary audit objects: The primary audit object is the XBRL file (instance) containing the data.
Audit technology is a general term used for computer-aided audit techniques (CAATs) used by accounting firms to enhance an engagement. These techniques improve the efficiency and effectiveness of audit findings by allowing auditors to analyze much larger sets of data, sometimes using entire populations of data, rather than taking a sample.
ERMA (Electronic Recording Machine, Accounting) was a computer technology that automated bank bookkeeping and check processing. Developed at the nonprofit research institution SRI International under contract from Bank of America , the project began in 1950 and was publicly revealed in September 1955.