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Case Studies


Our case studies will feature how auditors are using our solutions and services to enhance their productivity and provide value addition. Our case studies will focus on the following questions:

  • Are you using the power of IT for audIT?
  • Are your audit procedures up-to-date with IT deployment of auditee?
  • Are your audit procedures relevant and reliable?
  • Do you find Auditing digital information easy?
  • Are your audit methodologies effective?
  • Are you providing better assurance to your clients?

As Auditor, if you answered ‘NO’ to any of the above questions, we believe it is time for you to explore our solutions and services. Whether you are a general auditor or Information Systems Auditor or aspiring to be a IS Auditor, you will learn how to harness the power of IT for audit and provide value addition.


Why should Auditors use CAAAT?

Computer Assisted Audit Techniques (CAATs) are tools for AudITors, which provide direct access to digital information and facilitate in conducting an effective and efficient audit.

CAATs are a significant tool for audITors to gather information independently.

CAATs can be used in various types of Audits. CAATs provide a means to gain access and to analyze data for a predetermined audit objective and to report audit findings with emphasis on the reliability of records produced and maintained in the system.

The reliability of the source of information used provides reassurance on findings generated. AudITors should have a thorough understanding of CAATs and know where and when to apply them.

AudITors to be effective need to gain practical experience in using CAATs for various Assurance assignments.

 

This list of case studies for various areas provide some practical examples of Test using CAATs:


   Sl No            Category                                                  Type Of Analysis
1 Creditors
  • Payment terms
  • Credit Control Policy
  • Aging of creditors
  • Discount policy
  • Authorised suppliers
  • Authorisation
  • Accounting
  • Supplier classification on purchases
  • Analysis of purchases by period
2 Tax Audit
  • Identify cash loan\deposits>20000
  • Identify cash payment > 10000
  • Review of TDS compliance
  • Analysis of Inventory
3 Financial Audit
  • Review of Authorisation
  • Review of discount policy
  • Compliance with tax rates like sales tax, excise duty, etc
  • Verification of financial accuracy
  • Aging of debtors
4 Internal Audit
  • Overall statistical analysis
  • Identification of exception items
  • Duplicate payment for invoices
  • Debtors outstanding beyond credit period
  • Age-wise analysis of debtors
  • Age-wise analysis of inventory
5 Purchases
  • Duplicate payments
  • Invalid vendors
  • Duplicate invoices
  • Invalid purchases
  • Payments without receipt of goods
  • Inflated prices
  • Excess quantities purchased
6 Payroll
  • Ghost employees
  • TDS
  • Duplicate direct credits
  • Duplicate home addresses
  • PO Box addresses
  • Work Phone Nos.
  • Work Location
  • Deductions
  • Vacation and sick leave
  • Wage level
  • Terminated employees
  • Overpayment, overtime
7 Aging
  • Overdue A.R. and A.P.
  • Favorable credit terms
  • Inventory turnover rates
  • Dormant accounts
  • Records with future, blank or otherwise invalid dates
  • Items past a cutoff date
  • Contracts awarded before contract date
  • Transactions outside of billing period
  • Length in days of various activities
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