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  Computer Assisted Audit Techiques (CAATs)

The use of computers in the audit profession is nothing new. However, effective use of computers to obtain audit evidence is becoming more and more important as the complexity and volume of transactions increase.

Using CAATs as part of the audit process has the following benefits:
  • Test entire populations of transactions instead of just a sample
  • No fatigue-related errors, as is the case with manual testing
  • Overall improvement in the effectiveness and efficiency of the audit process
Examples of CAATs include:
  • Generate user access matrices, to evaluate key points of access
  • Generate segregation-of-duties (SoD) matrices, to pinpoint SoD conflicts
  • Recalculate trial balance by applying transaction file to opening balances
  • Recalculate debtor ageing from transaction file
  • Recalculate interest
  • Identify exceptions, based on any preset criteria, from financial data
  • Fraud detection algorithms, such as the Benford analysis
Deliverables include a listing of all procedures performed, the result of each procedure, as well as an executive management report.
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