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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.
With the help of this tool, the auditors and accountants of any firm will be able to provide more analytical results. These tools are used throughout every business environment and also in the industry sectors too. With the help of computer-assisted audit techniques, more forensic accounting with more analysis can be done.
An IT audit is different from a financial statement audit.While a financial audit's purpose is to evaluate whether the financial statements present fairly, in all material respects, an entity's financial position, results of operations, and cash flows in conformity to standard accounting practices, the purposes of an IT audit is to evaluate the system's internal control design and effectiveness.
This began to change in the mid-1960s with the introduction of new, smaller and less expensive machines. This increased the use of computers in businesses and with it came the need for auditors to become familiar with EDP concepts in business. Along with the increase in computer use, came the rise of different types of accounting systems.
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