Audit Software Use

Question 1

How can audit software be used for?

Answer 1

Select information
Read and extract data from a client’s system and produce a report in a specified format
Perform calculations
Print reports in specified formats

Question 2

Examples of selecting information? (payables balance)

Answer 2

A sample of suppliers to circularise to test completeness of the payables balance

Question 3

Examples of selecting information? (unusual items)

Answer 3

Identify missing, large or unusual items or items outside specified parameters

Question 4

Examples of read and extract data (download the client’s sales)

Answer 4

Auditor can download the client;s sales ledger onto their own software, then use software to produce aged receivables or aged inventory report

Question 5

Examples of performing calculations (variances)

Answer 5

Calculate variances and ratios used in analytical review

Question 6

Examples of performing calculations (accuracy)

Answer 6

Check the accuracy of the casting of the trial balance or ledger listings

Question 7

Examples of print reports in specified formats?

Answer 7

Letters to be sent out in a receivables confirmation