Paperless audit

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chhayank (Querist)
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25 March 2009 Can anyone guide me as to how to do audit using computer?is there any software available through which statutory and tax audits can be done?i would like to know how the big auditing firms are conducting statutory and tax audits coz big companies have big volumes and to physically vouch and tick everything becomes a tedious job.so what is the methodologh and audit plan these firms are following and how they take care of the legal compliances?Some people say that excel can be used for audit but MS Excel merely hepls in data analysis.Kindly guide me on the same and please suggest some audit software names that can be used to audit data of tally

Sonia

Sonia (Expert)
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25 March 2009 Hi Chhayank,

All the big audit firms have their own customised audit softwares. It is usually divided into different panes and is very elaborate covering all the minute details of the audit, for instance, risk assessment, scheduling, planning, execution, review, report generation, trend analysis, committee reporting and storage.

Excel and word documents are used for the purpose of recording the work carried out for each area and not as evidence. Each worksheet records details of evidence checked thoroughly so that if anyone wants to review can follow it and repeat the process easily. Sample evidences are retained as hard copy which is representative of the work done.