An Assessment of the Purpose of the use of Generalised Audit Software:A perspective of Internal Audit Functions in Australia

Smidt, Louis; Nest, D.P. Van der; Steenkamp, Leandi; Lubbe, Dave; Ahmi, Aidi

doi:10.23919/cisti.2019.8760882

Cited by 4 publications

(6 citation statements)

References 25 publications

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“…Furthermore, it is considered relevant to include an additional element to the ease of use and usefulness, the real need to introduce a change in a process that is already being carried out with other simpler and less expensive tools such as Excel. Again, data analytics provides an answer to this question by providing an increase in the processes' effectiveness and efficiency (Smidt et al, 2021), which we do not obtain with other tools. In this sense, only those companies that adopt a change in their processes will be able to maintain and increase their competitive level in the future (PwC, PricewaterhouseCoopers, 2012, p. 2).…”

Section: Identification Of Needsmentioning

confidence: 73%

“…However, the importance of the internal audit function as a driver of change and a generator of added value in organisations (Arjona-Canas et al, 2017) has progressed from a traditional approach to a modern one, largely driven by the advent of new data analytics technologies, providing a more effective assurance with a more efficient use of resources. Data analytics can thereby improve the performance of the internal audit function (Smidt et al, 2021).…”

Section: Analysis Model: Success Factors In the Implementation Of Dat...mentioning

confidence: 99%

“…Therefore, to achieve process improvement based on data analytics, IT knowledge and critical thinking skills are indispensable (Islam and Stafford, 2021). In this sense, it is evident that it is difficult to adapt to technological change when it is observed that Microsoft Excel is still the software tool most used by internal audit departments (Smidt et al, 2021).…”

Section: The Human Factormentioning

confidence: 99%

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Implementation model of data analytics as a tool for improving internal audit processes

2023

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IntroductionThe aim of this article is to understand the importance of internal audit departments todays—part of corporate governance and guardian of the organisation’s culture and climate—, as well as the opportunities that new technologies offer to increase their effectiveness and efficiency.MethodsTo this end, based on an exhaustive review of the literature, the concepts of internal audit and data analytics are related, and a framework is proposed for the implementation of a technology of these characteristics in an internal audit department.ResultsThe results of the research show that those companies that invest resources in readapting their processes to technological change are likely to obtain better results than those organisations that keep their management procedures obsolete.DiscussionBased on these results, it is concluded that there is a need to consider technological change in internal audit departments, specifically data analytics, to increase the effectiveness and efficiency of audit processes.

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Section: Identification Of Needsmentioning

confidence: 73%

Section: Analysis Model: Success Factors In the Implementation Of Dat...mentioning

confidence: 99%

Section: The Human Factormentioning

confidence: 99%

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Implementation model of data analytics as a tool for improving internal audit processes

2023

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“…It has been found that investment in CAAT tools is essential, owing to its immense effectiveness in improving the performance of internal audits (Al-Hiyari et al, 2019;Tsai et al, 2015). GAS enables an internal auditor to carry out independent examinations of clients' data, which are stored on a computer without any dependence on accountants (Smidt et al, 2021). It can test the dependability of client accounting software and execute system re-performance, which in EJMS 27,1 turn leads to ensuring the accumulation of audit evidence and the enhancement of the accuracy of audit tests and achieving auditing tasks more efficiently, which results in a more cost-effective audit.…”

Section: Perceived Benefitmentioning

confidence: 99%

Emerging technology and auditing practice: analysis for future directions

Thottoli

Ahmed

Thomas³

2022

EJMS

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PurposeThe purpose of this paper is to explore the effects of emerging technology (technology adoption, perceived benefits, technological challenges and ease of use) and the auditing practice of accounting professionals.Design/methodology/approachThe primary method of data collection was a questionnaire directed to newly practicing chartered accountants who are partners of sole proprietorship or partnership firms in India. The data were analyzed by using partial least squares structural equation modeling (PLS-SEM).FindingsThe findings revealed that there is a positive and significant relationship between characteristics of emerging technology (technology adoption, technological challenges and ease of use) and auditing practice, while factors of the perceived benefits had a negative relationship with auditing practice.Research limitations/implicationsThe study model would aid technology enabled audit research by giving a platform for a new study to investigate further detailed solutions to emerging information technology determinants.Practical implicationsThis study illustrates how tools technique perceived benefit motivates sole proprietorship practicing auditors to adopt emerging technology- enabled auditing software for auditing client's financial statements. Further, this study has added to the information technology auditing literature and might add benefits to the numerous other audit firms to adopt in emerging technology tools their audit firm.Social implicationsAudit firms, generally sole proprietorship and partnership firms, should be given enough awareness about the latest audit software tools to carry out their audit tasks efficiently.Originality/valueThe study findings highlight benefits of emerging technology-enabled auditing practice among owners/partners of the sole proprietorship or partnership firms, which is not extensively discussed in the prior studies. Furthermore, it broadens knowledge of perceived benefit, technological challenges and ease of use in technology-enabled audit software in the auditing and accounting literature.

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“…Another useful tool that organizations can include in their repertoire is Generalized Audit Software (GAS); these pieces of software can be used to conduct full population analyses, identifying transactions with specific control criteria or characteristics, evaluating fraud risks, obtain control effectiveness evidence, and the selection of random samples for testing purposes. The use of GAS seems to significantly improve the "line of sight of the internal audit function"; line of sight here implies being able to provide detailed descriptive and diagnostic analytics into the nature of internal audit findings [13]especially in a developed country such as Australia. Consequently, it is now almost impossible to conduct effective and efficient audits without the use of technology-based tools in control environments that are dominated by big data and increasing volumes of electronic audit evidence.…”

Section: Application Of Computer Assisted Audit Techniques In Continu...mentioning

confidence: 99%

Factors that Play a Role in Improving the Efficiency of Continuous Audits using Computer Assisted Audit Techniques in enterprises including healthcare units

Sagar¹,

Ramanathan²

2022

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Internal auditing is a key function of any business enterprise, including healthcare units, being responsible for highlighting and bringing to notice of the upper management a fair evaluation of the organization’s internal control environment. With stakeholder satisfaction, compliance requirements, and value delivery increasingly taking centre stage, it functionally requires many organizations to adopt and implement a continuous auditing solution. Continuous auditing solutions often call for the adoption of various computer-assisted tools and techniques to help get the job done. The usage of these tools and techniques is subject to many different factors. This paper explores some of the factors that play a role in improving the efficiency of continuous audits using such tools and techniques. Auditors widely recognize Computer-assisted auditing techniques (CAATs). However, CAATs are not being used as widely as expected. The technology–organization–environment framework is used to identify and assess the organisational elements that influence CAAT utilisation after adoption. The purpose of this study is to see if using CAATs helps the auditing process. The usage of CAATs by audit firms and audit performance are both moderated by top management commitment. The data for this study was collected from Jordanian audit companies’ auditors. According to the conclusions of the investigation, CAAT adoption is determined by the cost–benefit of technology, company size, preparedness, and competitive pressure. The technical compatibility and complexity of client accounting information systems, on the other hand, appear to have little impact on CAAT utilisation. Top management has a direct impact on audit performance and is a key influencer in how CAATs are used by auditors. However, there is no correlation between audit firm usage of CAATs and audit performance (top management audit firm’s use of CAATs). Furthermore, the adoption of CAATs helps the whole audit process of audit companies.

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An Assessment of the Purpose of the use of Generalised Audit Software:A perspective of Internal Audit Functions in Australia

Cited by 4 publications

References 25 publications

Implementation model of data analytics as a tool for improving internal audit processes

Implementation model of data analytics as a tool for improving internal audit processes

Emerging technology and auditing practice: analysis for future directions

Factors that Play a Role in Improving the Efficiency of Continuous Audits using Computer Assisted Audit Techniques in enterprises including healthcare units

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