Individual Assignment: System Integrity and Validation - Kudler Fine Foods
Over the past few weeks our team has looked into a number of aspects of Kudler Fine Foods and made recommendations as necessary in hopes of updating and replacing existing components of the companies IT systems in hopes of making the company more productive and profitable. Last week out team focused on the importance of audits and at a number of different types of audits that should be conducted to future evaluate the company as a whole. From our research we found that the most appropriate audits to employ are the SAS 94 and the Attestation audits (in particular, the data analytic review) (Cornwall, Sullivan, & Chandler, 2012). These types of audit systems seem to best at incorporating all of the functions of Kudler Fine Foods. During our research we have found that audits are a required portion of most companies to function. Depending on the size and scope of the audit it can be time consuming or at times nearly impossible to conduct these audits without incorporating software to make this process efficient, accurate, and organized. Computer Assisted Audit Tools
Computer Assisted Audit Tools or CAATs is one way to significantly streamline this process. CAATs are standard financial accounting software that performs audit functions that were formerly performed manually. Depending on the size shape and scope of the company modifications will be made to CAATs to fit the needs of the company in question. Generally, much of the same information is requested and analyzed as in a traditional audit. Once verified using computer techniques, data is retained so it can be used in other areas of the audit including error identification and segregation of transactions within accounts. Customized reports are generated by computer and a standard audit trail is maintained. CAATs are quickly being used as a replacement of the old system of manually conducting audits for a number of reasons. Most...
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