Computer Assisted Audit Techniques or Computer Aided Audit Tools (CAATS) is also known as Computer Assisted Audit Tools and Techniques (CAATTs). This is a growing field in the financial audit profession. Basically, it is used to extract and analyze the data using computer. Some of the audit process are also automated to assist an auditor. This would include utilizing specialized software packages. In practice, however, CAATs has become synonymous with incorporating Data analytics into the audit process. This is one of the emerging fields within the audit profession. In most general terms, CAATTs refers to any computer program that is used to improve the audit process. Popular software that are used are SAS, Excel, Access.
CAAT is audit techniques that use computer applications as the primary tool. It is generally used for sampling, statistical analyses and exception reporting and for this specialized software, such as generalized audit software, test data generator, computerized audit programs and specialized audit utilities are used.
Today, in most large and medium-sized enterprises, most of the business processes are driven computers. Therefore, the performing audit without using information technology is hardly an option. When all the information needed for doing an audit is on computer systems, one had to carry out audits using the computer.
With data volumes growing and management expectations on assurances becoming more specific, random verifications and testing do not yield the desired value. The use of audit software ensures 100 percent scrutiny of transactions in which there is audit interest, and pointed identification and zeroing in on erroneous/exceptional transactions, even when data volumes are huge. And all this can be done in a fraction of the time required with manual methods.
CAAT is a growing field within the financial audit profession. CAATs is the practice of using computers to automate or simplify the audit process. In the broadest sense of the term, CAATs can refer to any use of a computer during the audit. This would include utilizing basic software packages such as SAS, Excel, Access, Crystal Reports,, and also word processors. In practice, however, CAATs has become synonymous with incorporating Data analytics into the audit process. This is one of the emerging fields within the audit profession
Audit specialized software can perform the following functions:
Missing sequence identification.