Auditing software is commonly used to help analyze and test accounting records.
Audit software is a type of computer program that performs a wide range of audit management functions. Some of the most common functions are database sampling and generation of confirmation letters to customers and suppliers. The main purpose of this software is to highlight data exceptions and inform auditors of likely errors. While the degree of difficulty or simplicity varies, audit software often features a non-procedural computer language that allows the auditor to manage the data without the need for complex programming.
While auditing software is traditionally used to perform basic calculation functions, it can also be used to handle more complex audit tasks. One of these tasks is testing. There are software on the market capable of auditing large sets of data, which an auditor can use to analyze the data so that internal controls are simplified or improved. Another task that can be performed with auditing software is exception testing, which is generally considered one of the key aspects of evaluating controls. These factors can make this software a valuable asset for companies that need to process large amounts of data on a daily basis.
Similar to general accounting software, auditing software is commonly used to help analyze and test accounting records. The objectives, however, vary depending on the program. For example, some applications are designed to document audits, prepare audit reports, and print exception reports. Others are designed to collect evidence, conduct analytical testing, and assess internal control. There are also more robust programs that combine the features mentioned above into a single package.
There are several auditing software programs on the market. ACL Audit Exchange is one of the most popular products. TopCAATs, an application that runs within Excel®, is also on the market. As more users discover the benefits of automated auditing, more products are being introduced. Many of these solutions are designed to support a variety of operating systems, including Windows®, Mac OS X®, and Linux, among others.
Auditing software is growing in popularity among companies in various industries. One reason could be that it can be used to analyze and audit data in standard text files as well as Access® databases and Excel® workbooks. With respect to the latter application, many of these users find they can be more productive because they can audit using familiar Excel® templates. Advances in information technology have made performing audit management functions from a computer more feasible than ever before.