Chapter One - Kennesaw State University

Chapter One - Kennesaw State University

Chapter Eight Using Computer Assisted Audit Tools and Techniques (CAATTs) Two Categories of CAATTs 1) Computer Assisted Audit Tools 2) Computer Assisted Audit Techniques Computer Assisted Audit Tools

Productivity Tools Generalized Audit Software Tools Productivity Tools Include:

E-workpapers Groupware Time and billing software Reference libraries Document management Generalized Audit Software Tools

Include: ACL Audit expert systems Utility and statistical software

ACL Widely used for data extraction and analysis Allows for virtual 100% testing of client data Computer Assisted Audit Techniques CAATs to Validate Audit Techniques

Test desks Integrated test facility Parallel simulation CAATs to Verify Data Integrity

Data extraction and analysis Fraud detection Continuous auditing techniques 10 Steps to Using CAATs 1. Set key audit objectives 2. Identify CAATs to be used

3. Identify which data files are needed 4. Determine which format you need 5. Request files from client in preferred format 6. Import data into ACL 10 Steps (Cont) 7. Use CAATs to verify the data import process 8. Perform other CAATs

9. Investigate and reconcile exceptions 10. Document results in workpapers CAATs to Detect Fraud Digital analysis Benfords Law for a series of naturally occurring numbers Deals with expected frequency of first digits

Exponential distribution Requires large sample size

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