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Computer Assisted Auditing Tools and Techniques (CAATTs)
Thursday, February 7th, 2008
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Presented By:
Mark D. Mayberry, CPA.CITP, CISA
The audit landscape has seen some dramatic changes over the last few years, placing increased emphasis on auditor independence and internal control. There is also renewed focus on the identification of risk, the evaluation of controls, and the review of key financial statement areas and assertions. As a result, auditors face increasing pressure to achieve a more thorough understanding of reporting processes in order to perform a more comprehensive audit. At the same time organizations are looking to reduce audit fees and compliance costs, forcing both internal and external audit teams to find new ways to increase efficiency, while at the same time bolstering the effectiveness of their audit and compliance efforts.
Increasingly, audit firms and internal audit teams are turning to Computer Assisted Auditing Tools and Techniques (CAATTs) to address the seemingly opposed demands for increased effectiveness and improved efficiency. These powerful tools and techniques enable the auditor to analyze large volumes of data for anomalies and outliers without devoting the time and resources required by more traditional techniques. Although CAATTs are not new, recent product releases offer substantial enhancements in the range of analyses performed and overall usability, making them indispensable tools for any auditor looking to thread the needle and achieve the delicate balance of effectiveness and efficiency required of them.
In the Top Technology Initiatives Infocast for February 2008, Mark D. Mayberry, CPA.CITP, CISA, provides an overview of Computer Assisted Auditing Tools and Techniques. Drawing on his experiences as National Director of Assurance Automation for BDO Seidman, LLP, he illustrates how both internal and external audit teams can leverage CAATTs to:
· Increase audit coverage
· Enhance management and planning of the audit function
· Focus on risk areas
· Increase cost-effectiveness
· Improve audit credibility
· Improve integration of IT and Financial audit skills
· Encourage auditor independence from IT & Finance
About the Speaker:
Mark D. Mayberry, CPA.CITP, CISA
National Director of Assurance Automation
BDO Seidman, LLP
Mark D. Mayberry, CPA.CITP, CISA is a Partner in the National Assurance Department and the National Director of Assurance Automation at BDO Seidman, LLP. Mark is responsible for all aspects of information technology that are specific to the assurance business line. He focuses on innovative and strategic initiatives to provide auditors with state of the art tools, techniques, and training.
Mark has served on several AICPA initiatives including the CITP Credential Committee, the Information Technology Research Sub-Committee, the Top Technologies Task Force, the CITP Exam Writing Task Force, the Technology Conference Planning Committee, the Technology Conference Strategic Advisory Board and the Editorial Advisory Board of InfoTech Update. He has authored several articles on technology trends.
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