Taking Advantage of Computer Assisted Audit Tools and Techniques during Testing Phase in Financial Audits: An Empirical Study in a Food Processing Company in Turkey
The main aim of this study is to analyze and report on the advantages provided by Computer Assisted Tools and Techniques (CAATTs) especially during the testing phase of financial audits. Design/Methodology/Approach: To realize the aim of this study, the literature and applications regarding specifically designed computer software and hardware, known as Computer Assisted Audit Tools (CAATs) or interactive Data Extracting and Analysis Systems (DEASs) in general, have been reviewed and searched. In order to give a clearer demonstration of the advantages of CAATs and DEASs, a number of audit tests and procedures focusing on the Sales Cycle accounts of a food processing company in Turkey are presented in this study.Findings: It is firmly believed that various products of computer and information technology have provided great benefits to Certified Public Accountants. These include the improvement of quality and reliability of certain audit tasks and reaching a final audit opinion, as well as time and money saved while completing various audit procedures in a more comprehensive manner, and higher levels of efficiency and effectiveness achieved by the auditors. Originality/Value: The research was conducted in a manner that would enable the audit of the whole data without omitting any accounting records in the desired fields. This enables the auditor to test the whole database without the inconvenience of selecting appropriate samples. As a result, the reliability of the tests conducted and opinion reached increase. It is hoped the findings will contribute to understanding of benefits provided by CAATs/DEASs while performing financial audits.