Page 237 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
Disadvantages
(Shortcut: CVICS)
Connectivity: Network issues can interrupt interviews and meetings during a remote audit.
Visualization: There is limited or no ability to visualize the facility culture of the organization or the body
language of the auditees. Time zone differences can also affect the efficiency of remote audit sessions.
Integrity: The opportunity for presenting doctored documents or omitting relevant information is increased,
potentially requiring additional planning and different audit procedures. This also raises concerns about security
and confidentiality violations.
Cultural and Legal Challenges: Auditors may face cultural challenges and a lack of knowledge about local laws
and regulations could impact the audit. Certain audit procedures, like physical verification of assets and stock
taking, cannot be performed remotely.
Security: Remote access to sensitive IT systems may not be allowed, necessitating an assessment of security
aspects related to remote access and privacy.

(CNO DAA.240) Emerging Technologies in Audit.
Data Analytic Techniques.
1A. Data Analytics: Transforming raw system data into meaningful information via processes, tools, and
techniques.
1B. Benefits:
- Discovers and analyses data patterns.
- Identifies data anomalies.
- Extracts useful information.
2A. Audit Analytics: Analyzing large data to find actionable insights, trends, conclusions, and facilitating
informed decisions.
2B. Efficiency in Audit: - Enhances the review process through more accuracy and efficiency.
2C. Improvement in Quality: - Enhances audit quality by allowing effective auditing of large IT data sets.
3. Methods:
- Computer Assisted Auditing Techniques (CAATs): Data analytics tools and visualization methods that
increase audit quality.
- Auditors utilize various applications and tools for analyzing large data sets to improve audit quality.
CAAT Tools.

Feature/Functionality CaseWare ACL Alteryx Power BI
Common Features
Data Import/Integration & ETL ✓ (Limited
(Export transform Load), Advanced ETL &
Analytics Limited ETL Analytics) ✓ ✓
Visualization & Reporting ✓ ✓ ✓ ✓
✓ (ACL ✓ (Alteryx
Scripting, Automation & Workflows Limited Script) Workflows) Limited
Unique Features (from an audit
perspective)

Dedicated Audit Functions ✓
Connection to Accounting Software &
Financial Statement Prep ✓
Real-time Dashboarding & Sharing Limited ✓

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