ICT tools may be used by the auditor in the following ways to assist his audit work: –
1. Flowcharting clients’ systems
Specialist flowcharting packages can assist the auditor in the production of clear, well presented flowcharts. The use of such packages ensures that the flow charts are legible and can be easily updated when systems change, unlike manually produced flowcharts. Flowchart for a procure-to-pay process for instance.
3. Preparation of audit programmes
Audit programmes can be typed into a word processor, which again will allow for easy updating in the following years. Some firms may also have standard audit tests kept on a database within the word processor when such tests are required, they are simply copied into the audit program.
4. Analytical procedures
A standard template can be set up on a spread sheet package. Onto this template, the auditor inputs key details such as balance sheet totals from the financial statement. The spread sheet then calculates key procurement ratios to assist the auditor with the analytical procedures.
5. Preparation of audit working papers
Word processing packages can be used in documenting the audit evidence gathered.
6. Preparing correspondences with the client such as faxes, management letters and engagement letter among others.
7. In random sample selection statistical packages can assist in sample selection and in performing the required mathematical computations.
8. Cost budgeting –The firm’s staffing requirements and planning can be performed using spreadsheets and individual audits can be costed and budgeted using integrated software;
9. Word processing can be used for the routine production of reports, faxes, letters, memos, emails and other communications. It reduces the need for support staff and shortens the time in which documents can be produced, as the packages are user-friendly and can be used by professional staff.