ACC 695: Final Project – Technology and Auditing

Executive Summary

A good majority of the internal audit functions are currently changing their focus to the use of technology in order to be able to achieve an improvement in productivity. Technology has also been adopted in the recent periods so as to help organizations in the risk management process. Automations have been used in a number of organizations for the sole purposes of monitoring activities within the internal controls. A number of computer programs have been used in the process of trying to automate the audit process. The uses of computer packages such as Microsoft word, PowerPoint and Microsoft excel have enabled auditors to achieve so much success in the current century. The programs have been quite fundamental from the early audit planning process, all the way to the reporting stages of the auditing process.

The use of the internet has also played a vital role in making it easy to access information and even sharing details regarding regulatory requirements. It is currently easy for auditors to get the latest information regarding the best auditing practices that should be used. The process of internal auditing is currently becoming useful in certain areas like risk management and the detection of fraud within companies (Frederick and Sandra, 2010). Moreover, information technology has also enabled a number of improvements to be made in operations so that a significant improvement is made within the financial performances.

The audit profession is one area that has greatly changed and also appreciates the use of automation process in trying to do a data analysis. A number of auditing and monitoring processes have been made easy through the control tests procedures that they are first passed through. It has to be appreciated that the use of software’s have in the past helped in the internal audit process through creating efficiencies (David, 2009). However, the process has not been able to change the fundamentals of the auditing process because all the basics still remain the same. Data analysis process is however one of the areas that have brought significant changes to the field of auditing. Currently, it is possible to conduct a test and at the same time do an analysis of the data in real time using the automation process (Kumar, 2006).  The truth of the matter is that internal audit process cannot achieve its full efficiency without incorporating the use of technology.

Introduction

Technology incorporated in to auditing is a procedure that is used to evaluate the technology capacity and reliability of the computer generated data that is used in supporting the financial statements (Rainer et al. 2011). Information technology is also used in the identification of both the strong and the weak points of a firm through the investigations carried out on the financial books of the company (Frederick and Sandra, 2010). For instance, an audit can be carried out on the marketing and management budgets that the company incurred during a certain financial year. Additionally, areas such as finance and human resource are also investigated in order to establish the amount of money that was used in running such areas over a certain financial period.

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