- You are required to identify five ways in which information technology can be used to enhance the administration procedures and controls over an audit.
- Cost budgeting -The firm‘s staffing requirements and planning can be performed using spreadsheets and individual audits can be costed and budgeted using integrated software;
- Word processing can be used for the routine production of reports, faxes, letters, memos, emails and other communications. It reduces the need for support staff and shortens the time in which documents can be produced, as the packages are user- friendly and can be used by professional staff.
- It can also improve client and staff relations, particularly where email can be used to eliminate the physical movement of large documents that need to be reviewed or edited.
- Use of word processing to produce audit programs, audit planning documentation, ordinary working papers, lead schedules, and almost all other current file documentation. Providing there is adequate backup and proper contingency planning, it may be possible to reduce the number of paper based files kept, with a consequent reduction in storage costs;
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