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Evaluation of Audit Software

In: Business and Management

Submitted By dacleo
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Evaluation of Audit Software
The role of an auditor is to analyze a company’s financial transactions and to form an opinion as to whether the accounts show a true and fair view of a company’s financial position. Auditors use generalized audit software (GAS) to analyze huge amount of financial data efficiently. Two leading standalone GAS software programs are Audit Command Language (ACL) and Interactive Data Extraction and Analysis (IDEA). This paper will evaluate the two programs for needs assessment, product availability, support and cloud computing capabilities.
Audit Command Language (ACL)
ACL is an industry leader with an active community of more than 14,000 customers around the globe-including 89% of the Fortune 500 companies (“ACL” 2013). ACL is geared toward the audit of large companies accounting information systems because there is no limit on the amount of data it can review. ACL allows auditors to review 100% of financial information in order to find irregularities that could indicate weaknesses or fraud. There is a need for training of employees in order for them to understand the full value of the software program.
ACL is available in four versions. ACL Workpapers, a cloud-based system that allows for a simple, central and secure solution. ACL AuditExchange for a server-based system that continuously monitors transactions. ACL Desktop allows for rapid processing of transactions. ACL Acerno is an Excel based add-in that allows for sharing of results using Excel. Price of program depends on features and implementation.
There is a lot of ACL support from big user online communities. This is because more companies use ACL and users are encouraged to learn ACL and join an online community. The ACL website has a paid support area that includes videos, training for specific industries and webcasts.
The use of smartphones will grow in 2013.…...

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