Integrated Test Facility is an auditing technique used to test the functionality of an organization’s information systems. The auditor would input selected data into a system simultaneously as live data and follow the progress of transactions as they move through the system’s different functions. The auditor would start the system under normal operating conditions, and the expected results would be checked (“Abstracts,” 1973).
The parallel simulation tests the accuracy of an organization’s financial statements.
The auditor would use actual data, processed with the client’s and auditor’s programs, rather than simulated data as in Integrated Test Facility. These programs would produce results that the auditor would compare to the live program results to verify accuracy.
In The Embedded Audit Modules technique, the auditor would determine the triggers in an application program that would cause the capture of audit-relevant information. Writing audit modules to store this information in separate database entities would then follow. The application program would then be tested to ensure that the audit modules function properly (Groomer & Murthy, 2018).
An auditor would use Generalized Audit Software to verify the system’s compliance with the audit’s requirements. The auditor would use The software to scan the system, including reviewing financial statements, testing controls, and analyzing data to identify any potential compliance issues and generate reports that could be used to assess the system’s compliance.
An auditor can use
Audit Command Languageto help an organization audit its financial statements. Some key features of this software include the ability to perform data analysis, create custom reports, and schedule audits. The auditor would likely incorporate Audit Command Language into the audit by using it to perform data analysis and create custom reports.
Interactive Data Extraction & Analysis is atool that helps auditors examine data for patterns and anomalies that may indicate fraud or errors. Some of its key features include the ability to import data from various sources, view data in various formats, apply various statistical tests to data and export data for further analysis. An author could incorporate the tool into audit process by using it to analyze and examine financial data, customer data, or any other numeric data.
Microsoft Visio is a diagramming and vector graphics application. Its key features include the ability to:create diagrams and flowcharts, link data to shapes in diagrams and share diagrams with others. Auditors would use Microsoft Visio to create process maps to document and understand the flow of transactions and processes within an organization
Oversight a way ofmonitor progress of an audit and helpsidentify potential problems during the course of the audit. The key features include: detailed and customizable report, ability to test compliance with laws and regulations and ability to evaluate the risks associated with a particular business. This tool can be used by auditors ensure that the audit process is conducted in a fair and transparent manner.
Tableau is a data visualization tool that can be used to create interactive, visually appealing charts and graphs. Some of the key features of Tableau are: drag and drop interface, wide range of chart types and creation of custom calculations. An auditor would incorporate Tableau into the audit process by using it to examine data sets, identify anomalies, and communicate findings to clients.
With all the discussed features, Tableau is the most recommended tool for auditing purposes because it is easy to use and has a wide range of features.
References
Groomer, S. M., & Murthy, U. S. (2018). Continuous auditing of Database Applications: An embedded audit module approach. Continuous Auditing, 105–124. https://doi.org/10.1108/978-1-78743-413-420181005
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