Benefit Computerized Procurement Systems in Audit

Procurement and Audit notes revision

– Speed: the work of recording of transactions, preparation of procurement audit records can be done with greater speed.
– Greater accuracy: the chances of arithmetical errors and human errors are reduced to minimum.
– Greater economy: under the mechanized procurement system, work can be done with minimum staff, with minimum cost.
– Better records: records prepared by machines are neat and clean. It is more legible, systematic and uniform.
– Greater information: various types of information and statistical data regarding the procurement operation can be easily collected.
– Interim accounts: interim accounts can be prepared without delay. This will help the management to declare interim dividend.
– Analysis of data: once the basic information is feed into the computers, it can be sorted in many different ways to provide analysis of statement.
– Avoid overtime: the work of procurement audit is done quickly; the procurement audit reports can be prepared without any loss of time.
– Reduction in audit fee: the work load of audit works is reduced by the computers. Hence the computerized audit reduces audit cost.
– Reduces the monotony of audit work:
– Enhances the reliability of audit
– Ensures flexibility in the audit programme.
– Helpful for the smooth functioning of auditing.

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