- 5 Marks
Question
The availability of Computer-Assisted Audit Techniques should be considered by the Auditor when planning the nature, extent, and timing of tests in an audit. The Auditor must determine their testing strategies, which will depend on their choice of either using a Manual Testing Method or a Computer-Assisted Method.
Required:
Identify FIVE solutions to the loss of an audit trail. (5 Marks)
Answer
Solutions to Loss of Audit Trail (5 Marks)
- Embed Audit Software in the System:
- Use integrated audit software to automatically record transaction flows and create a digital audit trail.
- Implement Strong System Controls:
- Ensure robust access and change management controls to maintain the integrity of transaction records.
- Maintain Regular Backups:
- Periodically back up transactional and log data to prevent loss and facilitate reconstruction.
- Log Tracking and Monitoring:
- Enable system logs to track changes, deletions, and additions for audit purposes.
- Documented Manual Overrides:
- Require detailed documentation for any manual overrides or adjustments to ensure traceability.
- Tags: Audit Planning, Audit trail, CAATs, Loss of Data, Testing strategies
- Level: Level 3
- Uploader: Kofi