Audit Planning Software
In any business or organization, auditing is an importance task for management. Audits reveal problems or discrepancies relating to business operations and provide management an avenue to find and implement solutions. Audit planning software is integrated software tools that examine critical management areas and functions within an organization. Auditors use audit planning software to conduct detailed examination of a business or organizational process.
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Risk Management
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Audit planning software must have an effective risk management module to determine the risks associated with different scenarios. Those risks can be in the areas of management, accounting, financial management, information systems and disaster recovery. The risk management portion of audit software allows for benchmarks and thresholds concerning risk to be set to determine if the organization, business or division in a business being audit is below or exceeds the determined risk factor. Risk management programs in audit planning software allow auditors to create a rating system in the software for each audited process.
Workpapers and Checklists
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Audit software checklists and work papers can be generated from audit software when an audit engagement is about to take place. You can add certain questions to the checklist program that will automatically save and re-index the checklist. Information can be printed according to an audit area, alphabetically or by auditor designation. Audit work papers can be accessed using Structured Query Language (SQL-which is a data extraction component of audit planning software) containing the last audit results and ratings.
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Report Generator Templates
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An auditor uses work papers to annotate findings during an audit. Audit planning software with report generator features can take these findings and help formulate a formal report. The report generator templates can be custom made with preset statements on various discrepancies during an audit or include positive statements about a process. This decreases the time that it takes to put together a final audit report.
Work Tracking
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Work tracking is the process of assigning code numbers to audit questionnaires and surveys which can be used in the final report. Audit planning software can automatically assign a designated alpha-number system to follow certain work processes during an audit. If there have been several audits within the same company, business or division, the tracking numbers can be cross-referenced on the computer to see what type of action was taken on that item.
Audit Scheduling
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The audit scheduling process creates audit cycles established by executive management. The scheduling of audits is entered into the software and by email can notify the individuals of a pending audit process or review. The audit scheduling module allows the auditor great flexibility in scheduling, changing and confirming audit dates.
Custom-Made Applications
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An auditor can use applications that are custom-made. MS Excel has auditing tools that can be used when performing an accounting audit. The spreadsheet has audit tools that can be used to plan scenarios and establish benchmarks through the use of pivot-tables, sorts and trace dependent programs. This program assist can help an auditor to break down large groups of information into categories and sections and can be integrated into the main audit report.
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