Generalized Audit Software
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Generalized Audit Software (GAS) is the most common computer-assisted audit software tools, which can read computer files, select desired information, perform repetitive calculations, and print reports in an Auditor-specified format. GAS specifically helps auditors for two main functions:
To facilitate and automate the testing of 100% of a population
To focus the auditors attention on specific areas or transactions which are of higher risk
Generalized Audit Software can accomplish the following audit tasks:
Examine records for quality, completeness, consistency, and correctness such as review bank demand deposit files for unusually large deposits and withdrawals.
Verify calculations and make computations such as re-compute interest, Bank COT, etc. and verify payroll Net pay, Deductions, etc.
Compare data on separate files such as compare current and prior-period inventory files for obsolete and slow-moving items.
Select and print audit samples such as accounts receivable confirmations, customer refunds over a certain amount.
Summarize and re-sequence data such as re-sequence inventory items by location to facilitate physical observations.
Compare data obtained through other audit procedures with company records such as compare creditor statements with accounts payable files.
The advantages of GASs include:
Permit access to a wide variety of client records and application
Takes the tedious work out of auditing
Easy to use
Allows the auditor a high degree of independence by reducing auditors reliance on client computer personnel
The disadvantages of GASs include:
Audit software may not compatible with all systems
They are designed for ease of use, utilizing standardized routines, which may disregard efficiency considerations
It has processing limitations regarding the number of files which can be accessed simultaneously, input file formatting, the size of files that can be manipulated
It may not be able to access and retrieve data from complex data structures
Yes, this software is more appropriate for auditing in organizations computer information system because it designed to examine financial information for quality, completeness, correctness, and consistency. It verifies all calculations, compares data; prints audit samples, and develop a schedule