Computer-aided audit tools: Difference between revisions

Revision as of 16:50, 6 January 2007

Revision as of 20:38, 7 January 2007

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===CAATTs Alternative===

CAATTs addresses these problems. CAATTs, as it is commonly used, is the practice of analyzing large volumes of data looking for anomalies. A well designed CAATTs audit will not be a sample, but rather a complete review of all transactions. Using CAATTs the auditor will extract every transaction the business unit performed during the period reviewed. The auditor will then test that data to determine if there are any problems in the data. For example, using CAATTs the auditor can find invalid Social Security Numbers (SSN) by comparing the SSN to the issuing criteria of the Social Security Administration. The CAATTs auditor could also easily look for duplicate vendors or transactions. When such a duplicate is identified, they can approach management with the knowledge that they tested 100% of the transactions and that they identified 100% of the exceptions.

However, the CAATTs-driven review is limited only to the data saved on files in accordance with a systematic pattern. Much data is never documented this way. For the present CAATTs is complement to an auditor's tools and techniques.

===Traditional Audit vs CAATTs on Specific Risks===