Page 228 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
Involving Experts: Audit teams should involve experts proficient in different software applications and
technologies to ensure high-quality audits.
Example
Manual Control Review: A manager manually reviews vendor master additions and changes in the system
weekly to ensure they are done post appropriate approvals.
RPA Testing: Auditors can use Robotic Process Automation (RPA) technology, such as BOTs, to test and
reperform this control.
Sample Selection: The BOT selects samples of changes to be tested from the population and retrieves the
corresponding approval files from SharePoint.
Automated Testing: The BOT conducts the testing, populating details of approvals and identifying unapproved
changes, summarizing the results in an Excel file.
Efficiency: The use of BOTs reduces manual intervention, increases accuracy, saves auditor time, and allows for
immediate review of exceptions.

(CNO DAA.060) Key Features or Advantages of Auditing Digitally:
(Shortcut- HQ released BETA version)
Decreasing Human dependency: Technology reduces manual intervention and, as a result, the risk of errors. It
streamlines testing processes, decreasing judgment-based mistakes.
Improved Quality of Audits: Automation and data analytics allow full transaction reviews, freeing audit teams
for deeper analysis. While initial technology investments can be challenging, its value once operational is
significant.
Better risk assessment: Automation enables auditors to focus on critical challenges, precisely assess risks, and
understand risk areas using tools like dashboards and visual presentations.
Improved Efficiency: Advanced tools, once requiring deep expertise, are now accessible to auditors with basic
training, leading to enhanced efficiency, fewer errors, and better talent retention.
Increases Transparency: Technological advancements enhance transparency. Modern ERPs offer audit trails
that capture transaction details, aiding in audit reviews.
Automation and Ease: Automated tasks, data extraction, and tools like Power BI boost audit quality and
understanding while minimizing manual errors.
Considerations in Auditing Digitally
While all industry sectors are affected by the emergence of new technologies it is important to remember that
the auditor’s needs are unique. There are few questions it is important to ask and answer – at all stages of tech
journey:
Problem Identification:
- Determine which problems to address.
- Evaluate emerging technologies for audit benefits.
- Measure technology's return on investment.
Technology Selection:
- Assess available tools and vendors.
- Prioritize data acquisition, manipulation, and visualization tools.
- Ensure seamless integration with existing processes.
- Identify potential implementation challenges.
Upskilling:
- Technology effectiveness depends on user skill.
- Emphasize critical training and development.
- Overcome reluctance to change through continuous training.
Automation:
- Utilize various automation solutions from low to high sophistication.

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