Strategic Use of IT in Auditing

Having worked two internships at a public accounting firm, specifically in the area of auditing, there are a couple strategic uses of information technology that I have had experience with. As technology advances, so does the use of technology in the auditing world.

Auditing a client involves gathering a large amount of information including prior year financials, bank statements, backup support for new asset additions, loan documents, and much more. Traditionally, auditors received hard copies of all these documents and filed them in folders. Today, more and more information is received in the form of electronic files. The firm I worked for has a database known as Accounting Information Management (AIM), which is used to store and organize any work papers or documents received electronically from clients during the audit process. AIM allows auditors to organize multiple years of client's information by area audited. These areas include Cash, Liabilities, Equity, Income Statement, and many others. With in these areas there is a work program set up in AIM, which the auditor fills out during the audit process. These work programs contain questions and processes to be answered and performed while auditing a client's financial statements.

AIM is a strategic use of information technology in auditing. Its a very easy program to navigate through, and allows all information to be stored in a safe, reliable way.

Next week's blog will cover strategic uses of information technology in the area of tax.