Describe what is meant by generalized audit software. Would auditors even consider using Word or Excel?© BrainMass Inc. brainmass.com October 17, 2018, 4:33 am ad1c9bdddf
Generalized audit software is a software program that an auditor, company, or auditing firm buys directly off the shelf in the manner that any other software package would be purchased. The generalized audit software is a program that is designed to read computer files, and process and write data to files. The generalized audit software works in such ...
The solution discusses what is meant by generalized audit software, and if auditors would consider using Word or Excel. References are also provided.
This solution is written based on 25+ years of professional experience as an accountant and an auditor.
Auditing: PCAOB Audit Trail, Software & General Controls for IT
Is it probable that the use of information technology (IT) will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total in the financial statements? Explain. How do the American Institute of Certified Public Accountants (AICPA) and the Public Company Accounting Oversight Board (PCAOB) want the auditor to address controls in the light of the previous statement?
What is generalized audit software? What are the tasks for which an auditor would use it? What are the advantages and disadvantages of using generalized audit software? Will this software be more appropriate for auditing your organization's computer information system, or would it be necessary to develop customized audit software? Explain.
What is needed for an auditor to understand clients' business processes and accounting systems? What type of computer information system is used at your employer's organization? What controls are present in the system at your organization? Are the general controls that should exist in computer information systems present in the system used by your organization? What are the application controls that exist in the system?View Full Posting Details