Audit software: helpful to auditors

Computers are one of the great inventions obtained by the world. Computers have made a huge impact on world in the form of its uses. Now computers are being used by lots of industries, companies, businesses, in the field of education etc by the people round the globe. Computers have helped man to reduce the work load off them as it is very useful in completing the work very quickly. The working of all the systems and programs in computer is done with the help of software. With the development in field of technology there are number of software’s being developed and designed by many IT industries for a specific use. Some of the examples of the software are security software, inventory management software, audit software and lots more.Auditing is technique used for checking books of accounts, receipts, vouchers and other related documents and files to get a true and fair view of the balance sheet and profit and loss account of the organization. Audit is the word which is derived with the help of a Latin term ‘audire’ which means to hear. Auditing grew rapidly after the industrial revolution that brought the emergence of lots of industries and companies. As the number of companies emerging was large n number the companies act n different counties made auditing of accounts compulsory. In earlier days the auditor used to listen to the accounts read out by the accountant in order to check them and evaluate the true and fair view followed by physical checking of books of accounts and other related document and files. But in this modern era or computer age auditing is done with the help of audit software. In earlier days the objectives of auditing were ‘true and correct’ but as the number of companies grew rapidly the objectives of auditing shifted to ‘true and correct’. Now day’s companies have started maintaining the books of accounts and are storing it in computers. Audit software has helped the auditors to get a true and fair view of the books of accounts. It was very difficult for the auditors to check all the documents, receipts, voucher etc and each and every detailed transaction. But with the use of audit software all this has been made easy. The amount of time and hard work spent by the auditor in checking the documents is significantly reduced with the help of the audit software. Audit software has helped the auditor to complete the auditing work very quickly and easily. As the work of detention of errors and frauds is made easy, it has helped the auditors to prevent and rectify many errors. This has enabled the auditor to suggest the management to improve the accounting system. Due to this it is now possible for the auditors are able to provide quality and error free statements and records.